Best I understand the arrangement, Oaktree the lender of the $90m to MSB demanded that in exchange for extending the expiry date on the undrawn $30m portion of the loan (which is subject to milestones the company hasn't yet achieved) to September, issue ADS warrants for the equivalent of 2.275m shares to sophisticated investors. The price of the ADS 7 year warrant is USD3.70.
" A warrant liability of US$1.0 million has been recognized in the
Company's 31 December 2022 consolidated balance sheet and a corresponding
US$1.0 million recognized as a remeasurement of borrowing arrangement in the
Company’s consolidated income statement"
As I see it it's an attempt by Oaktree to ensure that MSB stays afloat long enough for them to get their money back. It has added a potential liability of USD1m to the balance sheet.
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- Ann: Prospectus for Warrants Related to Oaktree Facility
Ann: Prospectus for Warrants Related to Oaktree Facility, page-6
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Open | High | Low | Value | Volume |
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---|---|---|
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No. | Vol. | Price($) |
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2 | 33264 | 1.090 |
2 | 18897 | 1.085 |
2 | 18926 | 1.080 |
1 | 18000 | 1.075 |
Price($) | Vol. | No. |
---|---|---|
1.130 | 23400 | 3 |
1.135 | 1090 | 1 |
1.140 | 65000 | 4 |
1.145 | 64500 | 3 |
1.150 | 92314 | 9 |
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