Delcath Systems Inc (DCTH)

[jlee3]

Read the company's SEC filing from July 6th here: http://delcath.com/sec-filings/

"The Series B Preferred Stock has no dividend, liquidation or other rights which are preferential to our common stock and may be converted into shares of our common stock at a price equal to $0.1530 per share upon the earlier of the date of closing to the extent that the holder thereof reallocates shares of our common stock reserved for issuance under its certain senior secured convertible notes (the “Notes”) to conversion of the Series B Preferred Stock and otherwise three business days after receipt of shareholder approval of a reverse split of our Common Stock for which we intend to seek shareholder approval immediately upon closing of the purchase contemplated hereby."

^ They intend to seek shareholder approval of a reverse split as soon as the sale of Series B Preferred Stock has closed