baxter numbersAs wild Baxter numbers are being thrown around- here is what has been disclosed.
Feb. 3, 2020 Baxter initial payment 5 million.
Oct. 28, 2022 Baxter agreed to purchase 2.5m in "7% Convertible Senior Notes" in connection with an amendment to their future milstone payment.
It's hard not to view the Oct 28 money as a life ring to help Spectral get to the 60% trial interim- at which point Baxter can review the trial numbers, and if they wish to continue with the PMX contract- will owe Spectral a modified, smaller milestone payment.
The condition that Spectral would needed to sell $5mil (CDN) in equity units before Baxter would purchase the notes seems to back that up.
(Oct. 28 Securities Purchase Ageement- section 6)