SEC Filing Summary: AspenBio Pharma, Inc.
Business Context and Reporting Period
This Form 8-K was filed by AspenBio Pharma, Inc. on February 28, 2007, reporting events occurring through February 27, 2007. The registrant is incorporated in Colorado and is headquartered in Castle Rock, CO. Note: The request metadata referenced "Riot Platforms, Inc." and a 2006 date, but the provided filing text explicitly identifies the company as AspenBio Pharma, Inc. with a 2007 reporting date.
Key Financial Metrics
- Cash Proceeds: $1,485,493 received from warrant exercises.
- Shares Issued: 1,239,718 shares of common stock.
- Revenue/Profit/Margins: The filing text does not provide a clear value for revenue, profit, margins, or operating cash flow.
- Debt/Liquidity: The filing text does not provide a clear value for total debt or liquidity ratios, though proceeds are designated for working capital.
Material Changes
The primary material change reported is the unregistered sale of equity securities. During the period ending February 27, 2007, the company issued 1,239,718 shares of common stock to accredited investors via the exercise of warrants from 2004 and 2005 offerings. This transaction generated $1,485,493 in cash proceeds.
Guidance, Outlook, and Risks
Use of Proceeds: Funds will be utilized for working capital, new product development, and general corporate purposes.
Regulatory Basis: The offering was conducted in reliance on Section 4(2) of the Securities Act of 1933 and Rule 506.
Compensation: No commission was paid on the proceeds.
Outlook/Risks: The filing text does not provide specific forward-looking guidance, risk factors, or contingencies beyond the immediate capital raise.
Investor Verification Checklist
- Verify the total number of outstanding shares post-issuance to assess dilution impact.
- Confirm the specific terms and expiration dates of the remaining warrants from the 2004 and 2005 offerings.
- Review subsequent filings to track the allocation of the $1.485 million toward new product development versus working capital.
- Validate the accreditation status of the investors involved in the warrant exercises.