Box Ships Inc (TEUFF)

[ivfk]

If one preferred share holder just converted 36,000 preferred shares at a price of $3.90 and the outstanding shares shot up form 2.9 Million a month ago to almost 19 Million now. This would mean that almost 16 Million shares of the common were newly issued. I don't understand how this is possible since any one shareholder can not own more than 4.99% of the company according to the conversion note. In my math 16 Million represents 84% of the company.