FuelCell Energy Inc (FCEL)

[Trading4it]

Drgdarf First let me say that your question is by no means "dumb" Second please allow me to say thank you to Max for responding to my complex question.
It is my belief that all of the series C preferred shares where converted prior to the RS. I also believe that a majority of the series D preferred shares were converted prior to RS. They both likely took advantage of the "Initial Conversion" option.
If any series D preferred's do remain outstanding they could benefit by having lowest possible pps at EOD Wed. (10th consecutive day >1.00) However, I think now that FCEL has freed up shares they've been selling some through the ATM of which they had $30M remaining available.
These are obviously just my own best guesses so take them with not just a grain but a big lump of salt.

Max, one more request for your help. In the "Initial Conversion" formula from (link below) there is a figure listed as "DS=2,488,479" Any idea what that amount represents? how it was derived?
thx
https://www.sec.gov/Archives/edgar/data/886128/000114420419009210/tv514228_ex10-3.htm