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Innovaro Revises Series A Warrant Term For Registered Direct Offering - Quick Facts

(RTTNews) - UTEK Corp., doing business as Innovaro (INV), said it has entered into an amendment that increases the exercise price from $3.43 per share to $3.49 per share of the Series A warrants to acquire common stock that it will issue in connection with the anticipated closing of a registered offering.

The company also clarified that the Series B warrants will become initially exercisable on the 60 day and 120 day anniversary dates of their issuance if, and only if, 90% of the average of the weighted average price of its common stock during the 10 trading days is less than the $2.565 per share purchase price of the common stock to be issued in the registered offering.

Series B warrants are issued to purchase up to 893,519 shares of common stock, and they will issued in the registered offering.

After the 120 day period, if the price of the common stock is above this market price threshold on both of these measurement dates, then the Series B warrants will expire worthless.