SEC Filing Summary: AspenBio Pharma, Inc. (Form 8-K)
Business Context and Reporting Period
This Form 8-K was filed by AspenBio Pharma, Inc. on May 8, 2007. The registrant is incorporated in Colorado and is based in Castle Rock, CO. The report covers unregistered sales of equity securities and Regulation FD disclosures occurring during the period from January 1, 2007, through May 8, 2007.
Note: The request metadata referenced "Riot Platforms, Inc.", but the provided filing text explicitly identifies the registrant as "AspenBio Pharma, Inc." This summary reflects the content of the provided text.
Key Financial Metrics
- Cash Proceeds: The company received a total of $9,298,866 in cash proceeds from the exercise of warrants.
- Shares Issued: A total of 7,524,341 shares of common stock were issued in connection with these exercises.
- Investor Type: All warrants were exercised by accredited investors only.
- Commissions: No commissions were paid on the proceeds.
- Revenue/Profit/Cash Flow: The filing text does not provide clear values for revenue, net profit, operating cash flow, margins, debt, or liquidity ratios.
Material Changes and Prior Period Comparison
The filing details cumulative warrant exercises from January 1, 2007, to the date of the report. This total includes $5,373,708 in proceeds from 4,045,586 shares issued earlier in 2007, which were previously reported on Forms 8-K dated February 27, March 23, and April 20, 2007. The current report updates the cumulative total to reflect additional exercises completed by May 8, 2007.
Management Commentary, Risks, and Use of Proceeds
- Use of Proceeds: Funds raised will be utilized for working capital, new product development, and general corporate purposes.
- Regulatory Basis: Offerings were conducted in reliance on Section 4(2) of the Securities Act of 1933 and Rule 506.
- Disclosure: The company issued a press release on May 8, 2007, titled "AspenBio Pharma Completes $9.3 Million Warrant Conversion," which is included as Exhibit 99.1.
- Risks/Contingencies: The filing text does not explicitly list new risks or contingencies beyond the standard disclosure of unregistered sales.
Key Facts for Investor Verification
- Verify the total number of outstanding shares post-issuance (7,524,341 new shares added to the existing capitalization).
- Confirm the specific allocation of the $9.3 million proceeds between working capital and new product development in subsequent financial reports.
- Review the press release (Exhibit 99.1) for any additional strategic context regarding the warrant conversions.
- Note the discrepancy between the request metadata (Riot Platforms) and the filing content (AspenBio Pharma) to ensure the correct entity is being analyzed.