Source: http://thelion.com/bin/forum.cgi?tf=wall_street_pit&cmd=r&t=1&msg=674087251
Timestamp: 2019-12-16 05:17:49
Document Index: 391134839

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9']

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From: burp (Rep: 82) Date: 2019-06-19 18:15:41
Forum: Wall Street Pit - Thread #674087251 Msg #2790936 - Part 1/9 (Rec: 0)
Can anyone confirm that the warrants trading ticker KERNW have a strike of $11.50 as posted on twitter...
From: efbailey (Rep: 1756) reply to burp Date: 2019-06-19 18:27:51
Forum: Wall Street Pit - Thread #674087251 Msg #2790939 - Part 2/9 (Rec: 0)
Re: Can anyone confirm that the warrants trading ticker KERNW have a strike of $1...
last filing from company mentioning warrants S4 dated 5/14
The maximum number of MTech Holdings Warrants and shares of MTech Holdings Common Stock issuable upon exercise of the MTech Holdings Warrants are being simultaneously registered hereunder. Consistent with the response to Question 240.06 of the Securities Act Rules Compliance and Disclosure Interpretations, the registration fee with respect to the MTech Holdings Warrants has been allocated to the shares of underlying MTech Holdings Common Stock and those shares of MTech Holdings Common Stock are included in the registration fee. Pursuant to Rules 457(g)(1) under the Securities Act and solely for the purpose of calculating the registration fee, the proposed maximum aggregate offering price of the MTech Holdings Common Stock underlying the MTech Holdings Warrants is calculated based on the $11.50 exercise price of the MTech Holdings Warrants.
Our units, Class A common stock and warrants are currently listed on the Nasdaq Capital Market under the symbols “MTECU,” “MTEC” and “MTECW,” respectively. We have applied to list the MTech Holdings common stock and warrants on the Nasdaq Capital Market under the symbols “KERN” and “KERNW,” respectively, upon the closing of the Business Combination. MTech Holdings will not have units traded following closing of the Business Combination.
https://www.otcmarkets.com/filing/html?id=13429185&guid=WxlxU6WeerIQj3h
Reply to burp - Msg #2790936 - 06/19/2019 18:15
From: burp (Rep: 82) reply to efbailey Date: 2019-06-19 18:33:38
Forum: Wall Street Pit - Thread #674087251 Msg #2790941 - Part 3/9 (Rec: 0)
Sweet thanks a bunch! Re: Can anyone confirm that the warrants trading ticker KERNW have a strike o...
Reply to efbailey - Msg #2790939 - 06/19/2019 18:27
The maximum number of MTech Holdings Warrants and shares of MTech Holdings Common Stock issuable upon exercise of the MTech Holdings Warrants are being simultaneously registered hereunder. Consistent with the response to Question 240.06 of the Securities Act Rules Compliance and Disclosure Interpretations, the registration fee with respect to the M... Full Message
From: burp (Rep: 82) reply to efbailey Date: 2019-06-19 18:44:43
Forum: Wall Street Pit - Thread #674087251 Msg #2790942 - Part 4/9 (Rec: 0)
So if the exercise price is $11.50 and the commons are $70 doesnt that make the intrinsic value $58.50 yet its trading $7 now...Re: Can anyone confirm that the warrants trading ticker KERNW have a strike o...
From: amdolan (Rep: 54) reply to burp Date: 2019-06-19 19:47:12
Forum: Wall Street Pit - Thread #674087251 Msg #2790945 - Part 5/9 (Rec: 0)
That's a good question. Something doesn't add up here. Wondering if 1 warrant entitles you to 1 share...Re: So if the exercise price is $11.50 and the commons are $70 doesnt that make ...
Don't follow me. I depend on my luck. Do you want to depend on my luck? lol
I wanna be the best damn scavenger there is....
Reply to burp - Msg #2790942 - 06/19/2019 18:44
From: burp (Rep: 82) reply to amdolan Date: 2019-06-19 19:54:19
Forum: Wall Street Pit - Thread #674087251 Msg #2790946 - Part 6/9 (Rec: 0)
Called my broker he said cant do anything till tomorrow...once exercise price is met you should be able to exercise period... if that were the case we could be buying the warrants here @ 6.40 ..and buying one common for each warrant for 11.50 for a net cost of about $18 bucks... exercise and pocket about $45 profit per warrant.... not sure how long it takes for the commons to appear in account once exercised...but could also short against the warrants to to lock in profits
Re: That's a good question. Something doesn't add up here. Wondering if 1 warrant...
Reply to amdolan - Msg #2790945 - 06/19/2019 19:47
From: burp (Rep: 82) reply to amdolan Date: 2019-06-19 19:57:10
Forum: Wall Street Pit - Thread #674087251 Msg #2790947 - Part 7/9 (Rec: 0)
Gregg @runbullrun
Hey $KERN holders - does anyone know how the $KERNW warrant works? I am not knowlegeable on warrants. Thanks.
BongripCapital's avatar
Bongrip Capital
@BongripCapital
Replying to @runbullrun
they are not convertible yet, and there is an 18 softcall on them. read agreement. company can call after its traded over $18 for 20 days.
additionally company can elect cashless exercise.
$KERN float is tiny, you cant exercise til 30 days after the deal closes.
$KERNW
7:54pm · 19 Jun 2019 · Twitter for iPho
From: gamma (Rep: 110) reply to efbailey Date: 2019-06-19 22:50:44
Forum: Wall Street Pit - Thread #674087251 Msg #2790949 - Part 8/9 (Rec: 0)
The warrants have a rider effectively capping them @ $18. This is standard operating procedure for many post merger SPACs. So these warrants will never trade for more than the spread between that vs. the strike price even if the stock price went to $500.
Essentially it is no different than selling a deep in the money covered call against an equity position and pretend the call can never be bought back. So if the stock goes up 10 fold your upside is completely limited and your position will not capture that.
When the SPAC is initially formed though and begins trading these warrants can be had for a nickel or a dime in size. So if you have a warrant post-merger trading at $5 that is still a potential 50 to 100 bagger vs. early initial potential entry point.
From: efbailey (Rep: 1756) reply to gamma Date: 2019-06-20 08:38:20
Forum: Wall Street Pit - Thread #674087251 Msg #2790980 - Part 9/9 (Rec: 0)
thanks, see that now on page 160-161. would've been nice if they wouldn't bury the info deep in the filing lol.
Each warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of an initial business combination or 12 months from the closing of our IPO. No warrants will be exercisable for cash unless we have an effective and current registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of Class A common stock. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the public warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale price of the shares of Class A common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
The placement warrants underlying the placement units, as well as any warrants underlying the units we issue to our Sponsor, officers, directors or their affiliates in payment of working capital loans made to us, will be identical to the warrants underlying public units except that such warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by our Sponsor, other purchasers of our placement units, or their affiliates. The placement units and their underlying securities may not be sold or transferred until after we have completed a business combination.
We may call the warrants for redemption (excluding the placement warrants and any warrants underlying units issued to our Sponsor, officers or directors in payment of working capital loans made to us but including any outstanding warrants issued upon exercise of the UPOs issued to EBC and/or its designees), in whole and not in part, at a price of $0.01 per warrant,
●	at any time during the exercise period,
●	upon not less than 30 days’ prior written notice of redemption to each warrant holder,
●	if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders; and
●	if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants.
The redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.
If we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the shares of Class A common stock for the 5 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
The warrants will be issued in registered form under the warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of the holders of at least 50% of the then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.
Reply to gamma - Msg #2790949 - 06/19/2019 22:50
Re: Can anyone confirm that the warrants trading ticker KERNW have a strike o...
Essentially it is no different than selling a deep in the money covered call against an equity position and pretend the call can never be bought back. So if t... Full Message