1.5 billion common shares would convert to 1mill preferred
For every one preferred share he has to give 15,000 common
Along with the 1.2 bill shares Jason got for Classicdocs, there’s about 300,000 million put aside for employees/consultants. Let’s say the “consultant” is N8 (Jay) he can issue Jay preferred shares.
I think the 1.5 billion that Chuneng has from Landstar are these shares.
If he converts these to preferred- they won’t list on outstanding
On the NC Corporations filing the contract reads any employee/affiliate issued preferred shares loses the preferred shares (they are bought out with cash or convert to common) upon termination with Data443
Also, let’s say Jason issues 100,000 preferred shares (assuming these are converted). He has to put aside 15,000 common shares (from outstanding) for every one preferred issued. Eating away at the outstanding shares.
He could then retire any additional shares he may have bought since December.
Between the NC doc filed and this doc, there’s a chance 1.5 Bil shares will be gone from outstanding. If he was able to buy another 500mil shares it’s potentially 2bil off market.
Leaving 2bil outstanding, the best thing for us would be a reverse split when/if pps hits $1 - 4/1 ratio. This brings share count down another 75% and he could uplist again to Nasdaq.
If you go back to my February/March postings, I’ve said this scenario would be best case scenario for investors as far as a 1-2 year plan.
I don’t know for certain this is what’s being done, but, evidence points to it — severe volume changes over the months is consistsant with less shares on market. He could have followed SEC 12b rules to buy back shares
Fingers crossed
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