Monday, November 18, 2013 10:12:07 PM
Looks like the conversion price would be $3.02, based on the November 5 close, 3 days after the S-1 went effective.
The remaining series' of preferreds, F,H and I, total $9,500,000 worth, so they convert to 3.17 million new shares.
We start with 6.4 million shares on 11/14, per the 10Q. Add the 3.17 from the preferreds and 0.9mm from the warrants - gives us just over 10.4 mm shares now.
Of course, they also now have about $10 million cash and $9.5 million less preferred - so they have gained around $2 per share in common book value.
All of these shares will be sold ASAP of course if the share price stays anywhere north of $6.
Please note this stock is a share printing machine, barely removed from it's pink sheet days. A year ago they had only 400,000 shares outstanding, split adjusted. The reverse split ratio is 1:600!
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