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ADMD > SEC Filings for ADMD > Form 8-K on 15-Nov-2013All Recent SEC Filings

Show all filings for ADVANCED MEDICAL ISOTOPE CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ADVANCED MEDICAL ISOTOPE CORP


15-Nov-2013

Other Events


Item 8.01 Other Events.

After concluding that: (i) the Company's employees and consultants had diligently continued working during a period in which the Company's cash constraints required that they reduce, waive or defer cash compensation; (ii) the Company's employees and consultants contributed to material milestones in the Company's progress to becoming a fully operating Company, including the Company's filing for pre-market notification to the FDA pursuant to Section 510(k) of the U.S. Food, Drug and Cosmetic Act for its Yttrium-90 (Y-90) RadioGelTM brachytherapy cancer product; (iii) the efforts and achievements of the Company's employees and consultants were essential pre-requisites to the success of the Company's anticipated receipt of additional funding; (iv) the Company's stock price has begun to recover, closing at 12 cents per share; (v) the stock options previously granted to employees and consultants are materially out-of-the money and that is demoralizing to employees and consultants, particularly in light of their achievements; and (vi) subject to the receipt of financing, FDA clearance for its RadioGel products and other necessary prerequisites to success, the Company's stock price could continue to recover, but only with the continued efforts of its employees and consultants, the Board of Directors of AMIC has reduced the strike price of the options in the table below from a previous range of $.016 to $.30 to an exercise price of.15 per share, approximately a 25% premium to the stock's last price:

The change in exercise price does not extend the remaining term of the options.

Table

                                                          Original exercise      Repriced exercise
 Number of Options      Date issued    Expiration date          price                  price

            965,000          1/12/2011        1/12/2014   $             0.30     $             0.15
            750,000          6/20/2012        6/20/2015   $             0.20     $             0.15
            250,000           9/5/2012         9/5/2015   $             0.21     $             0.15
            700,000         11/14/2012       11/14/2015   $             0.16     $             0.15
          1,785,000          2/11/2013        2/11/2016   $             0.19     $             0.15
          3,250,000          2/11/2013        2/11/2023   $             0.19     $             0.15

7,700,000

The total reduction in exercise price is $405,689.96.

The BOD granted these options to attract and maintain talented individuals working on behalf of the Company.

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