Box Ships Inc (TEUFF)

[Hummingbird2]

They need to get couple of vessels and start operating immediately. They are trying to use toxic note to dilute common shares again.

Seems that 4.99% limit is for each conversion and they can do it at deep discount(at a conversion price equal to 60% of the lowest volume weighted average price of the Common Stock during the 21 trading days prior to the conversion date) just about every month if they choose. If the share price continues to go up then they will convert less shares each time.

Share price should continue to go up to 0.92+/sh equivalent of unpaid A/R at current status.