OCAT
Me acabo de leer la letra pequeña del crédito y parece que no es un crédito propiamente dicho, sino un "advancement"; se me escapan las diferencias. Me resulta curioso y algo positivo que el crédito va ligado a ciertos hitos de cumplimiento de los objetivos de los ensayos.
Mi lectura negativa (que no le he leído a nadie por ahí; todo el mundo anda muy contento) es que yo entiendo que anunciarán una dilución ATM antes del 31 de diciembre de este año, atando cabos diría que de 50 kilos y que deberá haber acabado para el 1 de agosto de 2016. ¿Qué lees tú?
Edito: les quedan 6 millones de dilución ATM con Lincoln, lo que corresponde a la primera parte del crédito (la otra es opcional) y explica también la denominación de "advancement". Es coherente con el dato de que Lincoln no podía vender por debajo de 5 pavos (o 4, no recuerdo). En ese caso, lo de los 50 kilos sería otra oferta para más adelante.
Term B Milestone Event” means confirmation by Bank, in Bank’s reasonable discretion, on or prior to August 31, 2016, that Borrower has (a) successfully completed the first (1st) cohort study (the “First Cohort Study”) of the Borrower’s dry age-related macular degeneration Phase 2 clinical trial (the “AMD Trial”), including, without limitation, (i) data which meets the primary or secondary endpoints of the First Cohort Study, including, without limitation, data which is void of substantial evidence of graft failure with respect to, or rejection of, the transplanted cells which are the subject of the First Cohort Study, and (ii) evidence that the First Cohort Study has produced sufficient favorable safety data which supports the advancement of the AMD Trial into a second (2nd) cohort study ((a)(i)-(ii), collectively, the “AMD Requirement”), and (b) on or prior to December 31, 2015 (i) entered into an agreement with one or more licensed broker-dealers providing for “at the market” purchases of the Borrower’s securities from time to time by such broker-dealers or their customers (an “ATM Facility”) (ii) has an effective registration statement on Form S-3 for the offering by the Borrower, on a delayed or continuous basis pursuant to Rule 415 promulgated under the Securities Act of 1933, as amended, of its securities in connection with the ATM Facility, and (iii) obtained all consents and approvals of its stockholders, regulatory authorities (including, without limitation, NASDAQ) and other third parties necessary for the Borrower to offer and sell its securities pursuant to the ATM Facility.
“Term B Extension Event” is confirmation by Bank that Borrower has (a) achieved the AMD Requirement, and (b) received, after the Effective Date, but prior to August 1, 2016, unrestricted and unencumbered net cash proceeds in an amount of Fifty Million Dollars ($50,000,000.00) from the issuance and sale by Borrower of its equity securities.
http://www.sec.gov/Archives/edgar/data/1140098/000101968715003186/ocata_8k-ex1001.htm
