InsPro Technologies Corp. (fka ITCC)

[Traderfan]

8k out


"Because the amount of Merger Consideration is substantially less than the aggregate minimum liquidation preferences of the Series C Preferred Stock and Series B Preferred Stock, all Merger Consideration will be paid to the holders of those series of preferred stock. In particular, the holders of the Company’s common stock, par value $0.001 per share (the “Common Stock”) and Series A Convertible Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”), will not receive any consideration in the Merger Additionally, each Company option or warrant outstanding immediately prior to the Effective Time, whether or not then vested and exercisable, will be cancelled without the receipt of any consideration."