I copy and pasted this from their most recent quarterly filing 06/30/2020. In follow up to my previous post about converting shares:
Part B: Share Structure Trade Symbol: SSFT Exact Title and Class of Securities Outstanding: Common Stock CUSIP: 835413105 Par or Stated Value: No Par Value (“The “Common Stock”)
Total Common Shares Authorized: 700,000,000
Total Shares Outstanding: 299,453,124 as of Jun. 30, 2020
Total Free Trading Shares Outstanding: 89,322,371 as of Jun. 30, 2020
Total Number of Investors: 240 as of Jun. 30, 2020
Common Stock: Voting right of one vote per share. At present dividend and preemption rights are not applicable. Authorized number of shares 700,000,000 @ no par value. Additional class of securities: Preferred Shares: Authorized number of shares 10,000,000 @ no par value.
The Company created this class of securities for conversion of common shares into preferred shares. Preferred Stock: Conversion Rights of Common Stock into Preferred Stock
The Company created Series A Preferred Stock so that existing shareholders can convert Common Stock into Preferred Stock based on the following terms and conditions:
• Common Stockholders are eligible to convert shares of Common Stock into shares of Preferred Stock in a ratio of 100:1
• Lock Up Period – After conversion into Preferred Stock, the stockholder cannot convert Preferred Stock into Common Stock for eighteen months from the issuance date unless one of the following conditions is met:
? There is a sale of Sonasoft and its subsidiaries to another public or private company with a change of control ? Sonasoft raises funds from public markets via a secondary offering using an Investment Banker and Underwriter
• Conversion Ratio – After the lockup period is complete, the Preferred Stockholder can convert back to Common Stock at a ratio of 1:100. Upon conversion of Preferred Stock into Common Stock, the Preferred Stock holder will be entitled to an additional 10% of Common Stock shares as Bonus Shares for a final conversion ratio of 1:110.
Name & Address of the Transfer Agent
Name: Corporate Stock Transfer, Inc. 3200 Cherry Creek Drive South, Suite 430 Denver, CO, 80209 (303) 282-4800
