Baltia is already delinquent for the dividend payment that was due 12/31/2017.
The Corporation shall pay to the Holders dividends from assets of the Corporation legally available for the payment of such dividends, which shall begin to accrue on the date of issuance of the Series C Preferred Stock (whether or not such dividends have been declared) in an annual amount equal to twelve percent (12%) of the Stated Value per annum (the “Dividend Amount”). The Dividend Amount shall be payable annually on December 31 of each year, commencing on December 31, 2017, in cash or in Common Stock.
Where will Tony get the $950,000.00?
The Series C Preferred Stock is subject to forced redemption by the Company upon the first anniversary of the date(3/9/2017) of the initial issuance at a price of 120% of the Stated Value of the Series C Preferred Stock redeemed, plus accrued but unpaid dividends.
Or will he encourage the Preferred C holders to do a conversion as per:
The Series C Preferred Stock is subject to optional conversion on or after the first anniversary of the date of first issuance, into shares of Common Stock at a conversion price equal to 50% of the average closing bid price of the Company’s Common Stock from February 14, 2018 to February 28, 2018, divided by the Stated Value plus accrued but unpaid dividends.
