Friday, June 18, 2021 10:02:37 AM
New filing out. Drip by drip, you have to admit that they are being very careful communicating the shareholder destruction here with all the filings. Can't forget all those class "B" preferred shares that have been issued at $10 a share since last fall. They become eligible to convert with nice terms into the common after 180 days.
https://sec.report/Document/0001493152-20-022832/
The shares of the Series B Preferred (i) have a stated value of Ten Dollars ($10.00) per share; (ii) are convertible into Common Stock at a price per share equal to sixty one percent (61%) times (representing a discount rate of 39%) the lowest price for the Company’s common stock during the twenty (20) day of trading preceding the date of the conversion; (iii) earn dividends at the rate of nine percent (9%) per annum; (iv) earn dividends at the rate of twenty two percent (22%) per annum upon an Event of Default (as defined in the Certificate of Designation); (v) generally have no voting rights; (vi) rank senior with respect to dividend rights and rights of liquidation with the Common Stock; and, (vii) rank junior with respect to dividends and right of liquidation to all existing indebtedness of the Company. The Company may redeem the shares of the Series B Preferred in accordance with the terms of the Certificate of Designation prior to the one hundred eightieth (180th) day following the date of issuance of the Series B Preferred.
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