CytoSorbents Corporation (CTSO)

[acm]

I used the conversion ratio for the conversions that took place in the most recent quarter. You are right though, in aggregate, it is 10 to 1.

Adding in dividends, option plans, etc will also bump it up a bit, but like I said it was ball park. Fair enough on the 250 though.

In the end though, I usually am even more conservative than these numbers in diluted valuation and usually put the number at 400+ mill O/S. I still come up with very attractive appreciation from current levels.