If you read nothing else from the 8k please read this.
"Pursuant to the LOI and the Senior Note, upon completion of the Qualified Offering at the Target Amount, the investors in the Qualified Offering will collectively beneficially own 60.9% of our company, the Existing Lenders will beneficially own 26.1% of our company (pursuant to the conversion of their notes into shares of Preferred Stock), Steve Saleen will beneficially own 10% of our company (excluding a warrant to purchase 5% of our outstanding shares of common stock), and all other stockholders will beneficially own approximately 3% of our company."
"In the event that the Company consummates a Qualified Offering, then the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall, at the option of the Holder, be converted into the Preferred Shares at a conversion price equal to the purchase price paid by the investors purchasing such Preferred Shares, consistent with capitalization of the Company set forth in the table in Section 3 e) below. The Company shall, as soon as practicable following the consummation of a Qualified Offering, deliver to the Holder notice thereof."
Glta
