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AXPWD Convertible notes: A First Glance...

AXPW 8K out 962K shares converted

In their last quarterly I did a word search for "convertible" and found the senior notes from November 2015 that are now converting. My stomach turned, and I really did not need to look up the terms of the subordinate notes in order to get the idea of why this is not bouncing back that much.


Be careful with this one...

Next bounce at .00's? .000's?

http://ih.advfn.com/p.php?pid=nmona&article=71493621

Quarterly Report (10-q)

Date : 05/16/2016 @ 4:08PM
Source : Edgar (US Regulatory)
Stock : Axion Power International, Inc. (QB) (AXPWD)

...

11. Description of the 2015 Private Placement



On November 4, 2015, we entered into a financing transaction for the sale of convertible notes and warrants issued by us with gross proceeds of $9,000,000 to us. Upon closing of the sale of the notes and warrants, which occurred on November 5, 2015, we received cash proceeds of $1.85 million and deposit of an additional $7,100,000 million into a series of control accounts in our name. Under the original terms of the notes, we are permitted to withdraw funds from our control accounts (i) in connection with certain conversions of the notes or (ii) otherwise, as follows: $1 million on each 30-day anniversary of the commencing on the 30 th day after the effective date of a registration statement being filed in connection with the transaction until there are no more funds in the control accounts, subject in each instance to equity conditions set forth in the convertible notes. As a result of the January 28, 2016 amendments to the notes, another $1.8 million was released on that date, and the balance of $5.35 million will be released in 8 equal monthly installments commencing on May 2, 2016 (subsequently amended to be May 6, 2016), subject to terms and conditions set forth in the notes.

$5.35 million/8 - May, June, July... = 5 more months @ $668,750/month

Boooooo... Hissss... and that does not include any other subordinate notes.