RE:$3M Payments to Insiders? I guess this will pay for it....
Jack Nathan Medical Announces Acceleration of Expiry Date of Outstanding Warrants
TORONTO--(BUSINESS WIRE)--October 29, 2020--Jack Nathan Medical Corp. (TSXV:JNH) (“Jack Nathan Health” “JNH” or the “Company”) a provider of primary care medical clinics located in Walmart® Supercentres under the Jack Nathan Health® brand, today announced that it has elected to accelerate the expiry date of 5,648,105 outstanding warrants (the "Warrants") issued on September 30, 2020. Each Warrant may be exercised to acquire one common share of Jack Nathan (a "Common Share") at an exercise price of $0.75 per share (the "Exercise Price"), for gross proceeds to Jack Nathan of up to $4,236,079 if all Warrants are exercised. As at October 28, 2020, 893,500 warrants have been exercised for gross proceeds to Jack Nathan of $670,125. Under the terms of the Warrants, Jack Nathan is permitted to accelerate the expiry date of the Warrants if the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is greater than $1.00 for any consecutive 10 trading day period (the "Acceleration Event"). Jack Nathan is pleased to confirm that an Acceleration Event occurred as of October 28, 2020. Accordingly, Jack Nathan has chosen to accelerate the expiry time of the Warrants to 5 p.m. (Toronto time) on November 30, 2020 (the "Accelerated Expiry"). Notice of the Accelerated Expiry will be given to the warrant agent and all registered holders of Warrants effective today, in accordance with the terms of the warrant indenture.
FunkyColdMedina wrote: I just read the post below - $3M payment in upcoming payments to insiders is ridiculous for a company with only a few mil in cash - Unclear how this would be paid? Basically all the money they would get from warrants (i believe are forced converted mid next week if it stays above $1, can someone confirm) will be going to pay the execs? Not fund the business?
Also the report of CEO buying is just as ridiculous - bought a measly 20K shares over last few days from what i saw posted online which should signal they arnt in a blackout and quite possibly have no immediate news coming otherwise not sure how he would be buying
GLTA and DYODD