Self dealing to director Gothner
He was already given the shares. This was for the potential toxic convertible death spiral financing.
This prospectus covers 7,450,000 shares of our common stock that Jameson Drive, LLC, a selling stockholder, may offer and sell from time to time. We will issue the common stock under the terms of a securities purchase agreement dated February 9, 2001, and the exercise by Jameson of a stock purchase warrant issued in connection with the securities purchase agreement. We also executed a registration rights agreement on February 9, 2001, wherein we agreed that we would file a registration statement covering the resale of the shares of common stock that we may sell to Jameson. According to the terms of the securities purchase agreement, we may sell our common stock to Jameson only after we have successfully filed the registration statement of which this prospectus is a part.
This prospectus also covers 50,000 restricted shares of our common stock that we issued to Adirondack Capital LLC, a selling stockholder, for its assistance in structuring the securities purchase agreement with Jameson. K. Ivan F. Gothner, a director of Ashton, is a managing member of Adirondack. The shares issued to Adirondack become freely transferable and nonforfeitable on February 9, 2002, provided Adirondack's relationship with us has not been terminated.
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Just say NO to stock fraud!
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Just say NO to stock fraud!
AI
