"I’m hoping it involves paying off MFO and returning Series B for the % per the agreement."
Here's the mumbo-jumbo from the agreement:
"a) Optional Redemption at Election of Corporation. Subject to the provisions of this Section 8, at any time after thirty (30) days following the First Closing Date (as defined in the Purchase Agreement), the Corporation may deliver a notice to the Holders (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder, the “Optional Redemption Notice Date”) of its irrevocable election to redeem some or all of the then outstanding Preferred Stock, for cash in an amount equal to the Optional Redemption Amount on the thirtieth (30th) day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date” and such redemption, the “Optional Redemption”). "
"“Optional Redemption Amount” means the sum of (a) 120% of the aggregate Stated Value then outstanding, (b) accrued but unpaid dividends and (c) all liquidated damages and other amounts due in respect of the Preferred Stock."
We're well beyond the "thirty (30) days following the First Closing Date" point.
The Company's last 8k said "As of the close of business on November 12, 2018, 1,400 shares of preferred stock were outstanding", meaning that 850 Preferred shares had been converted at that point.
So the MFO hasn't been bashful about converting and I'm making the (probably obvious) point that once converted the Preferred shares aren't available for an Optional Redemption.
But IF there were still 1400 unconverted Preferred shares available for redemption the Company would need $1,814,400 in cash to do it (1400 x $1,080 x 120%). Not quite 2 months ago the Company received $1,373,750 in cash for those shares.
But can it core A apple?
Yes Ralph, of course it can core A apple.
