> I cant see a reason why an adjustment and not a total reversal to that adjustment are valid - simply put the mechanical economics of the shares did not change

> I cant see a reason why an adjustment and not a total reversal to that adjustment are valid - simply put the mechanical economics of the shares did not change > Agreements call for an adjustment either “on or after the relevant date of such Announcement Event.” If your employer fires you then a day later rehires you, are you in the exact same position as before? Does it change your perception of your employer? If something makes you sad and it is followed by an equal amount of happiness are you in the same emotional state as before? "funding secured" and "there is no money" were two seperate and distinct corporate events. They may have been a net wash on the share structure, but they did not elicit equal market reactions, and the market reaction is what the contract is contractually obligated to be adjusted for.