Puget Technologies Inc (PUGE)

[allenc]

PUGE- So, If I read this correctly, management will be raising up to $1M with offering of Preferred shares and warrants with conversion prices of $1.75 per share but can't convert until March 2023. This offering is only going out Accredited investors and small percentage of carefully screened non- Accredited investors.


The way I read this, management fully expects this share price to be trading much higher that we are currently trading at today. JMO

"The Registrant expects to offer up to $1,000,000 in 400 units of its securities (the “Units”) offered at $2,500 each comprised of one Series 2021 Class B Preferred Convertible, Subordinated Debenture in the principal sum of $1,000 yielding annual interest at the rate of 8% payable in one balloon installment on and after March 31, 2023 and convertible into shares of Class B Convertible Preferred Stock at a conversion price of $1.75 per share; 1,000 shares of Class B Convertible Preferred Stock; and, Warrants to purchase an additional 2,000 shares of Class B Convertible Preferred Stock at an exercise price of $1.75 per Share until March 31, 2023. Each share of the Class B Convertible Preferred Stock is convertible into ten shares of Puget’s Common Stock with provisions restricting a reduction in the number of shares of Common Stock into which it can be converted notwithstanding changes in capitalization (such as reverse stock splits). ( No worries of a RS unless it is to up list to Nasdaq per management)



The Registrant expects to initiate the limited offering on or about April 1, 2021.