What that is saying is that if the SP is 1c, HTX have the ability to instead of issuing shares at a 15% discount to 1c (ie 0.85c) they can repay the $$ value back to La Jolla.
But in reality, I cant imagine that HTX will be in a position to repay the $$ for quite a while (unless they sign some massive upfront agreement for US distribution)
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