Checked back in with ETrade today on the DEF 14-C information statement. They said that they had received the mailing last week and sent it on to shareholders last Friday, March 22. Look for it in the mail this week.
So, assuming Verus sent it out concurrent with the 10-K filing on Tuesday March 19, that would mean that they could finally increase the authorized shares on or about April 9 and Garnock would be able to start converting his note. Maybe not coincidentally, that is the same day that the Registration Statement for Garnock’s shares is due to be filed with the SEC, as sello pointed out previously.
If the A/S is raised on April 9 and Garnock were to convert his entire note plus interest on that day, his conversion price would be $0.00369 (90% of lowest price in previous 30 trading days) and he would end up with approximately 343.3M shares, which would be 18.6% of the new outstanding share count. If he has to wait until April 10, the conversion price increases to $0.00495 and he would get only 256M shares or 14.6% of the outstanding shares.
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