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Under the original terms of the FPA, the company was able to deliver a written notice to Apollo, directing it to sell no more than 25% of the original number of shares within 6-month periods subsequent to execution of the transaction, limited to 50% of total shares.
The amendment also adjusts the number of shares to include the full remaining allotment; the company may now direct Apollo to sell all of the 5.6M shares at or subsequent to the effective date of the amendment.
All such shares were already issued by the Company prior to its entry into the FPA hence the amendment adds no incremental dilution to existing shareholders of the company since.
This announcement is in line with the company’s stated strategy of developing funding opportunities to maximize its capital runway position.
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Image and article originally from seekingalpha.com. Read the original article here.