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Tuesday, December 22, 2020 3:51:13 PM
I received the email from CC last night as promised. He said we would find out by 12/21 and he kept his word.
Wefunder and StartEngine investors who want to convert their note to ENZC shares can covert $5 of every dollar invested to 1 preferred share. A year from the conversion, each share will convert to 120 shares of ENZC common stock.
So each 1K invested = 200 preferred shares. One year from now those 200 preferred shares would convert to 24K of ENZC stock.
I believe a total of $675k was invested through Wefunder and Start Engine. If everyone chose this option, these investors would split 16.2 million shares. Those shares might come from the block that was transferred to CC. if that’s correct, then there wouldn’t be any dilution.
I have mixed feelings about this. As a Bioclonetics investor, I feel we should’ve gotten a better deal than what amounts to 24 shares per dollar invested.
However, since I also bought ENZC shares once I found out about the intent to merge, it works better for me as an ENZC investor.
Anyway, Happy Holidays and GLTA!
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