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Saturday, October 14, 2023 9:04:01 AM
ENGH had 81.7 million common shares outstanding at 6/30/23.
In addition, in connection with the emergence from bankruptcy, the ENGH issued to certain employees approximately 3,000 shares of Series A preferred stock and Series B preferred stock, each with a par value of $0.001 per share. Each share of preferred stock is subject to vesting based upon time and equity return thresholds and vested shares are redeemable and convertible under certain circumstances, with each vested share being currently convertible into 1,000 shares of common stock or 3 million shares in total. As of 6/30/23, and 12/21/22, approximately 2,470 shares of such preferred stock were vested in accordance with their terms.
I am assuming that all preferred stock will be vested and the converted into common stock prior to the merger.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
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