The offering is over. Example of how it works. You have 15 mil $. You buy the stock directly from Inovio. The deal closes( all the paperwork is done). Immediately you start selling your stock in the open market for however much you can get. Usually (not always) it's around the offering price or just below, you don't care you've done your math. Lets say you average selling it at .54c. Now you have all your money back (minus 270k because you lost a penny a share) BUT you now have warrants to purchase 13,000,000 shares at .79c any time (excluding the first 120 or so days whatever you agreed to) so in the next 5.5 years all INO has to do is get to .80 or .81c ( the extra is to make up for your initial loss) and you have made money. Your only gamble is will INO get to that price or higher in that time frame. In most all these agreements ( I can't find it in this one but I'm sure it's there) INO can call these warrants (make you act on them) if the pps gets to a certain level, Say $2.00, and stays there for 20 consecutive days. This is to prevent you from holding these while the pps gets to say $20 a share and you could buy them for .79c. You take your 15 mil (minus 270k) and do it again with another co. Very lucrative. In the case of INO IF I had 15 mil I would have jumped all over this deal. In all honesty it's a good deal for both parties (when it works, It has a lot of risk). Hope YMB don't censor it this time.