Ann: IOT to acquire US headquartered HoverBoard business-IOT.AX, page-12

 Tranche One: Immediately after due diligence and contracts: IOT will purchase 10% of
CEP at US$11 million USD valuation. IOT will use IOT stock at a 7.5 cents floor or higher.

So due diligence hasn't been completed yet? They've only actually agreed to buy 10% of the company, the rest is optional.

They're paying for it all in AUD14.5m worth of stock but current market cap is only $21m?

Can anyone explain what the 7.5cents floor means?

Is it just me or does this all sounds crazy?