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  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Nov 21, 2006 11:05 AM Flag

    Elixir warrants

    I understand the "cashless exercise" feature and see it in 8-Ks now and then:

    an ImageWare Systems example ( http://www.sec.gov/Archives/edgar/data/941685/000110465906076598/a06-23455_18k.htm ) :

    "On November 14, 2006, ImageWare Systems, Inc. (the �Company�) entered into a Securities Purchase Agreement with certain accredited investors (the �Investors�) pursuant to which the Company sold to the Investors an aggregate of 2,300 shares of the Company�s Series C 8% Convertible Preferred Stock (the �Series C Preferred Stock�) at a stated value of $1,000 per share for aggregate gross proceeds of $2,300,000, and issued to the Investors warrants (the �Investor Warrants�) to purchase up to an aggregate of 115,000 shares of common stock of the Company with an exercise price of $1.575 per share (the �Financing�). In connection with the Financing, the Company issued to a placement agent and its affiliates warrants to purchase an aggregate of 40,000 shares of common stock of the Company with exercise prices of $1.575 per share (the �Placement Agent Warrants� and, together with the Investor Warrants, the �Warrants�). The Warrants may be exercised at any time from May 14, 2007 until May 14, 2012. In addition, the Warrants contain a �cashless exercise� feature. Certain of the terms of the Series C Preferred Stock are described under Item 5.03 below."

    Notice that the 8-K mentions the cashless exercise feature.

    If you search for "cashless" (or even "cash") in the Vendingdata 8-K ( http://www.sec.gov/Archives/edgar/data/1004673/000114420406042599/v055005_8k.htm ), you find nothing.

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