AEterna Zentaris Inc. (AEZS)

[OhManIDied]

Based on a maximum 33.23 shares per series B and the known OS of warrants and commons on September 21st and September 30th, we can figure out how much dilution is left and when warrant conversions will be done.

I'll go with Sept. 21st since I know the numbers without looking:
OS: 363.5M
Series B outstanding: 10.8M

Maximum conversion rate until Nov 17th = 33.23shares/warrant @ lowest VWAP 0.0541 (first achieved by end of day today)

10.8 * 33.23 ~= 359M common

Fully diluted OS = 722M

According to finviz, most recent OS was 567M
http://finviz.com/quote.ashx?t=AEZS
-- this is in line with the conversions and OS given by the company as of Sept. 30th

And we know that they weren't converting at minimum VWAP. They have been naked shorting and covering through conversions since (I assume) they are only allowed to hold a maximum 20% of the common OS at any time.

I estimated that the final OS would be closer to 670-700M shares. Which means that this final convert can be held entirely by the converters. Around 140M shares which they will want to sell for max gain.

AEZS