"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.
No, I haven't and I'm SHOCKED that I haven't received a reply from him about the commission yet! Seems to me whenever I ask him a question he just tries to insult me rather than answering. I wonder why?? *giggles*