StageZero Life Sciences Ltd T.SZLS

New Shares Outstanding - AVRT milestone achieved?

[LithLover]

Anyone else notice the shares outstanding has now moved up to 96.233 million.

The financials dated Nov 15, 2021 had oustanding shares at 78,858,281 (page 4)

Add in the shares from the Private placement issued on November 26,2021 to HC Wainwright of 9,375,002.  

New total of 88,233,283

Total outstanding shares now showing on Rueters, RBC and other sites is 96,233,283 a difference of 8,000,000 shares.   Did they just issue the 8 million shares to Health Clinics?

"8M shares to be paid should the acquired Health Clinics businesses achieve certain revenue performance milestones.  The milestones are the generation of US$4M in revenue from the AVRT program over any consecutive 12 month period from September 2021 to December 2022."


The 96 million outstanding was recently updated.  So did they just hit the $4 million ($5.2 million CAD) in revenue over the last 5 months (Sept 2021-Jan 2022) from AVRT?

If the shares were just being held in escrow why wasn't outstanding shares updated back in December after the vote?

[LithLover]

There were only a couple sites that still listed outstanding shares at 88.233 likely just not updated yet. Majority of sites have 96.233 as the new shares outstanding.  In order to get the 8 million in shares AVRT must hit the milestone of generating $4 million USD in revenue between Sept 2021 and Dec 2022. Total revenue for Q3 (July-Sept) was $684k.  Assume that is 100% AVRT that

[Lithlow]

Im sure there is another explination for this that is not all glitter and roses. Lets see with the next financials..

[davewho]

TD also shows 96.2M shares although Sedi does not show any new shares issued to anyone recently. I would guess the shares are being held in trust for issue to CO.

[LithLover]

Market cap has also been adjusted.  This wouldn't have happened in the event the milestone is not reached.   Wonder if that is why a vote was called in December rather than later in the year The company has more than enough shares authorized that they could issue the 8 million at anytime. I've never heard of shares being added to outstanding or market cap changed in

[davewho]

good points LL thanks. I had another look at sedi and see no issue to anyone at the moment. Sedi is the official site for insiders. If the shares are for CO then I suspect we should see a NR shortly. 8m is what is due to them if conditions are met. I also rechecked Sedar  1. to consider, and if deemed advisable, to approve, with or without variation, an ordinary resolution authorizing and