gem funding, page-10

A company I consulted for used GEM a few years back to expand. They got 10% discount to vwap over a 10day period. Which is on par with the original Novus notes. But Novus later changed the vwap period to 5days and from memory increased the discount to 15%.

I know when we used GEM they wanted a share of revenue, but I guess that's comparible to Novus wanting 5%.

Also we only got access to funds as we drawdown (not upfront) and then it converts to equity. Currently the CNotes provide upfront funds and only the conversion part is delayed.

CNotes and line of equity both put pressure on sp. LoE slightly more as they need to sell to fund the subsequent drawdown.

But without knowing inner details it's hard to say. They seem comparable. I don't know if we can find any better unless something fundamentally changes.