STEP Key Features

• Transparent Facility: Capital prvided to issuers in 6-24 tranches at a simple discount to market. No warrants, hidden costs or onerous terms.
• Lower Pricing: The cost of STEP facilities, including placement fees, is substatially lower than a PIPE, registered direct and similar alternatives.
• Faster Funding: Fast to put in place and does not take up a lot of management's time.
• Dollar Cost Average Pricing: Benefits issuers expecting their share price to appreciate, reflecting improving fundamentals and capital structure.
• Minimized Regulatory Risk: The term sheet has built in trading rules, allowing selling during quiet periods and eliminating anti-fraud/10b-5 risk to issuer.
• Trading Protection: We negotiate strict limitations on selling levels to be incorporated into the term sheet.