KENS-After the reverse split and underwriting there will be 8,900,036 Common Shares outstanding that include the 6,571,428 Common Shares at $35.00 per share ($0.35 before the reverse split) sold in the underwriting.
After adjusting for the purchase of 400,000,000 shares pre-reverse split by the bridge loan lenders, the cancellation of the additional non-issued funding of $200,000,000 and the $10,000,000 for the purchase of the 200,000,000 shares of Common Stock directly from the Company, Kenilworth will receive, net of all expenses, including underwriters, legal fees and printing costs, $117,000,000. On a pro forma balance sheet basis, Kenilworth Common Shares, the only shares outstanding, will have a book value of $13.14 per share with 8,900,036 shares outstanding (after the 100-1 reverse split) plus $35,000,000 tax carry forward loss per share of $3.93 which will equal $17.07 with cash of $117,000,000. In addition to the potential future business, it supports a proposed stock offering price of $35.00 per share ($0.35 before the reverse split).
When will that happen?
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