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ProMIS Neurosciences Inc PMN

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company. It is focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). Its proprietary target discovery engine applies a thermodynamic, computational discovery platform-ProMIS and Collective Coordinates-to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this approach, the Company is developing novel antibody therapeutics for AD, ALS and MSA. Its product candidates are PMN310, PMN267, and PMN442. The PMN310 is a monoclonal antibody designed to treat AD by selectively targeting toxic, misfolded oligomers of amyloid-beta. PMN267 product candidate targeting ALS. PMN442 is a drug candidate being developed for MSA designed to selectively target and protect against pathogenic a-syn species.


NDAQ:PMN - Post by User

Post by Lynx9on Jun 29, 2022 11:03am
205 Views
Post# 34790409

Series 1 Shares - 70million Consolidable or not

Series 1 Shares - 70million Consolidable or notQuestion for the more astute on the PMS board?

With the recent stock consolidation we know that all Shares, Warrants and Options listed in the financials (431m S, 144m W&O) will be supject to the 60 to 1 ratio. This leaving less than 10 million shares including warrants and options.

My question is from the news release regarding the Series 1 preferred shares announced but not yet issued.

"Series 1 Shares are convertible at the option of the holder, in a 1:1 ratio, into the Company’s Common Shares (“Common Shares”). All outstanding Series 1 Shares shall automatically convert into Common Shares, at the effective conversion rate, upon the closing of one or more sales of equity securities resulting in at least US$30 million of gross proceeds to the Company."

It would seem, atleast the way I'm reading this, is that these 70 million shares may not be subject to the 60 - 1 consolidation! 

What would be your take on this?

Any individuals (RC) with connections for a quick enquiry on these series 1 shares to put to rest my speculation on this trickery?
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