% | $
Quotes you view appear here for quick access.

Intellect Neurosciences, Inc. Message Board

  • rivragain rivragain Mar 13, 2011 7:20 PM Flag


    That is great news of potetial patent and significant royalty payments. Great news. Why can;t that be obvious to everyone?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • FORM 8-K on dec 17th 2010

      As additional consideration, the Company will issue to the Lenders shares of Convertible Preferred Stock with an initial aggregate liquidation preference equal to $10 million. The Preferred Stock will be convertible into common stock of the Company at an initial conversion price of $.0025 per share, subject to customary anti-dilution protection in the case of stock dividends, stock splits, reverse splits, reorganizations and recapitalizations and subject to full ratchet protection in the case of any sale of common stock or common stock equivalents by the Company at a price less than the then effective conversion price of the Preferred Stock.

      form 10Q FEB 2011

      As a result of the “ratchet” provisions contained in the April 2010 Notes and outstanding Warrants, the conversion price of the remaining outstanding April 2010 Notes and exercise price of our outstanding Warrants were adjusted to $0.001 per common share. The conversion price of previously issued and outstanding Series B Convertible Preferred Stock held by holders other than the purchasers of the April 2010 Notes is not subject to adjustment as a result of the issuance of the December 2010 Notes.

      • 1 Reply to pplop48
      • so let me get this straight if the notes get converted at .0025 it's 4billion shares of dilution but since they changed that to .001 it will be more like 10billion shares of dilution to covert those notes plus the 2 already authorized will make this a 12billion share stock ? is that right?

        ILNS Total current assets $308,049 as reported to the SEC does this mean that the company assests are worth $300k ? so it may be almost safe to say that even at .0001 it's over priced

0.020.00(-16.32%)Jun 24 11:36 AMEDT