In connection with pricing the offering, on February 7, 2017, the Company entered into the Purchase Agreement with 8 institutional and accredited investors (the Institutional Investors). Several of the Institutional Investors have participated in the Companys past securities offerings and 4 of the Institutional Investors may be the beneficial owners of more than 5% of the Common Stock based on a review of their filed Schedules 13G. to the terms of the Purchase Agreement, the Company will sell to the Institutional Investors an aggregate of approximately $4,125,000 of the Primary Units and approximately $1,867,500 of the Alternative Units.
（2）在2月22号之前不允许他们8个加起来的日交易volume超过当日总volume的35%。
Each Institutional Investor entered into separate and substantially similar leak-out agreements with us on February 7, 2017. Under the leak-out agreements, during the period commencing on February 7, 2017 and ending February 22, 2017, each Institutional Investor (together with certain of its affiliates) may not sell, dispose or otherwise transfer, directly or indirectly (including, without limitation, any sales, short sales, swaps or any derivative transactions that would be equivalent to any sales or short positions), on any trading day, shares purchased in this offering and the shares of Common Stock issuable upon exercise of the Series M Warrants and the Series N Warrants in an amount more than a specified percentage of the trading volume of the Common Stock on the principal trading market, subject to certain exceptions such as any actual long (as defined in Regulation SHO of the Securities Exchange Act of 1934, as amended) sales at a price greater than $3.15. The aggregate trading volume for all Institutional Investor is 35% of the trading volume of the Common Stock on the principal trading market during each trading day during the above referenced leak-out period, subject to certain exception.