4//SEC Filing
MICROISLET INC 4
Accession 0001019687-08-002501
CIK 0001092050operating
Filed
Jun 1, 8:00 PM ET
Accepted
Jun 2, 2:10 PM ET
Size
7.3 KB
Accession
0001019687-08-002501
Insider Transaction Report
Form 4
MICROISLET INCMIIS.OB
Katz Ronald
DirectorChairman of the Board
Transactions
- Award
Warrant (right to buy)
2008-05-29+60,000→ 60,000 totalExercise: $0.40From: 2009-05-14Exp: 2014-05-14→ Common Stock (60,000 underlying)
Footnotes (2)
- [F1]The issuer issued the warrant to the reporting person on May 14, 2009 in connection with its issuance of a subordinated unsecured revolving promissory note (the "Note") having a maximum principal amount of $500,000 to the reporting person. The warrant may be exercised to purchase a number of shares of the issuer's common stock equal to the quotient of the aggregate funds advanced by the reporting person to the issuer under the Note divided by $2.50, up to a maximum of 200,000 shares, at an exercise price of $0.40 per share. On May 14, 2008, the reporting person advanced $350,000 to the issuer under the note and the warrant became exercisable for 140,000 shares, which the reporting person reported on a Form 4 filed on May 16, 2008. On May 29, 2008, the reporting person advanced an additional $150,000 to the issuer under the Note and the warrant automatically became exercisable for an additional 60,000 shares of common stock of the issuer.
- [F2]The number of shares of common stock that may be exercised by the reporting person shall automatically be limited to the extent necessary to ensure that, following such exercise, the total number of shares of common stock then beneficially owned by the reporting person does not exceed 4.999% of the total number of issued and outstanding shares of the issuer's common stock. The reporting person may waive this restriction upon 61 days prior notice to the issuer.
Documents
Issuer
MICROISLET INC
CIK 0001092050
Entity typeoperating
IncorporatedNV
Related Parties
1- filerCIK 0001092050
Filing Metadata
- Form type
- 4
- Filed
- Jun 1, 8:00 PM ET
- Accepted
- Jun 2, 2:10 PM ET
- Size
- 7.3 KB