During the 18-month term of the equity financing commitment, Arena may sell newly issued registered shares of its common stock to Azimuth Opportunity at a pre-negotiated discount to the market price.
Arena will determine, at its sole discretion, the timing and amount of any sales of its stock, subject to certain conditions. In no event may Arena sell more than 14.84 million shares of its common stock under this arrangement with Azimuth Opportunity, which represents one share less than 20% of Arena’s currently outstanding shares.