Elite Pharmaceuticals Inc (ELTP)

[rrr2003]

Yes there is a 20% dividend attached to the Series J shares. In
brief. . .if the Series J's are not converted to commons by the time the four year agreement ends there will be a 20% dividend incurred. As a shareholder I would not want to see this happen and yes. . .I voted for the A/S increase.

who said anything about 20% interest ? where is the evidence that is even in the realm of possibility ?

It is detailed in the last 10K (page 80):

"In addition, solely during any period commencing four years after the issuance of the Series J Preferred, provided that the Authorized Share Deficiency still exists, until such time as the Authorized Share Deficiency no longer exists, holders of the Series J Preferred are entitled to receive dividends at the rate per share (as a percentage of the Stated Value per share) of 20% per annum, payable quarterly."

https://s3.amazonaws.com/sec.irpass.cc/2258/0001213900-19-011224.pdf