They can't change the terms of the offering after it closes and ECU never inserted any clause in the agreement for a company option of early forced exercise, at least not that I have been able to find from my documents. I have done many financings with ECU and this clause has never been used. I have also done dozens and dozens of financings with other companies and don't see this clause very often. In fact I have advised companies not to use it on occasions when they have the option available because no one likes to be forced to exercise.

I agree that this clause is sometimes inserted in some deals and I have had it occur to me but it's in frequent because investors in financings hate this clause. Normally this clause allows the company at some pre-stated and determined higher stock price to force exercise of a series of warrants if say the stock trades at this much higher elevated level for a period of 30 days or more. If the company employed this option in their financing on the warrants they then have the right to force exercise over a further 30 day period.

I reinterate the company must have this forced warrant clause in the orignal agreement and few companies use this clause.