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Sunday, March 20, 2022 10:58:41 AM
Did you know that, per the April 2021 Amendment to mONI's Florida registration, if the holder of the Preferred A shares were to convert a mere 1% of the 500,000 Pref A to Common shares and repeated that eighteen times, he would still hold the majority of the Preferred A (and could presumably reissue more to himself anyway) AND he would also hold more than 50% of the 1.2 billion common shares (based on the "current" OS) that would result from the conversions?
He could get to roughly the same place in 3 steps converting just 10% each time.
And he will NEVER lose his voting rights. In fact, if he converted all but ONE of the Preferred A (.999998), he'd hold 80% of the resultant 3.1 billion OS and he'd STILL have voting rights of four times the 3.1B!
Curiously and for mysterious reasons, this amendment was revised from the original version of 2017. The only change that I have found is to the par value of the Preferred A. I guess Nathan wanted $500 instead of $5.
It will be interesting to see how Frank extracts his moni from mONI.
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