Cartwright has "contacts" like GE?? Yet he can't raise a million bucks to run a trial for the FDA approval? What a loser.
And lose their Big Pharma payola??? Whaddayanuts?
Item 1.01. Entry into a Material Definitive Agreement.
Agreements with Holders of Series C Preferred Stock
Between April 27 2016 and May 3, 2016, Guided Therapeutics, Inc. (the "Company") entered into various agreements with certain holders of the Company's Series C preferred stock, including John Imhoff, the chairman of the Company's board of directors, pursuant to which those holders separately agreed to exchange each share of Series C preferred stock held for 2.25 shares of the Company's newly created Series C1 preferred stock and 9,600 shares of the Company's common stock (the "Series C Exchanges"). In connection with the Series C Exchanges, each holder also agreed to roll over the $1,000 stated value per share of the holder's shares of Series C1 preferred stock into the next qualifying financing undertaken by the Company on a dollar-for-dollar basis and, except in the event of an additional $50,000 cash investment in the Company by the holder, to execute a customary "lockup" agreement in connection with the financing. In total, for 1,916 shares of Series C preferred stock to be surrendered, the Company will issue 4,312 shares of Series C1 preferred stock and 18,396,800 shares of common stock.
The Series C1 preferred stock has terms that are substantially the same as the Series C preferred stock, except that the Series C1 preferred stock does not pay dividends (unless and to the extent declared on the common stock) or at-the-market "make-whole payments." See Item 5.03, incorporated in this Item 1.01 by reference, for a description of the material terms of the Series C1 preferred stock.
Separately, on April 27, 2016, the Company entered into a Rollover and Amendment Agreement with another holder of Series C preferred stock, Aquarius Opportunity Fund, pursuant to which Aquarius agreed to roll over any shares of Series C preferred stock (stated value plus make-whole dividend), as well as any remaining principal and accrued interest on the Company's convertible p