I don't know, am I? What does this have to do with it??
PR - from march - its also posted above by common cents - and somewhere in there it says $3 million CASH and 55 million shares.
MusclePharm Completes Retirement of All Convertible Notes From Derivative Financing Companies Program strengthens company's balance sheet, represents major step under re-capitalization plan
Muscle Pharm Corp (OTCBB:MSLP)
Intraday Stock Chart
Today : Wednesday 28 March 2012
MusclePharm Completes Retirement of All Convertible Notes From Derivative Financing Companies Program strengthens company's balance sheet, represents major step under re-capitalization plan
PR Newswire
DENVER, March 28, 2012
DENVER, March 28, 2012 /PRNewswire/ -- MusclePharm Corporation (OTCBB: MSLP), a nutritional supplement company focusing on all categories of an active lifestyle, today announced it has completed the retirement of all of its outstanding convertible notes held by various financing companies.
In January 2012, the company instituted a convertible debt retirement program under which it would retire all of its outstanding convertible notes. Under the program, the company has used cash flow from operations, as well as mezzanine financing, to retire the notes. MusclePharm has retired $5.5 million of derivative financing instruments with $3.0 million cash and 55 million shares of common stock.
"Our goal is to become a fully sustainable free cash flow business by the end of the 2012 first quarter," said Brad Pyatt, chief executive officer. "Retiring the convertible debt has helped reduce uncertainty in our equity structure and represents a major step in our plan to re-capitalize MusclePharm and strengthen its balance sheet. We are very excited to have completed this program and to continue our focus on growing our business, and adding value for our shareholders."
"We are pleased to have reduced our derivative liability exposure on the company's balance sheet," said John Bluher, chief operating officer. "A significant amount of the company's operating loss and dilution to shareholders was attributable to these convertible note instruments. While such debt served a purpose during a time when we were investing in marketing and branding with the objective of creating revenues, we are happy to be moving ahead without these toxic dilutive instruments."
