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Replies to post #292708 on Green Energy Enterprises Inc. (GYOG)
04/07/14 1:00 PM
Series A Preferred Stock. The number of authorized shares constituting the series of shares of Series A preferred stock of the corporation with $0.01 value per share (the “Series A Preferred Shares”) shall be 1,000,000 pursuant to the Certificate of Designation. Each Series A Preferred Share shall automatically be converted into the number of shares of common stock of the corporation equal to the result of: (i) the number of shares of common stock of the corporation the “Common Shares”) issued and outstanding at the time of such conversion multiplied by 6; divided by (ii) the total number of Series A Preferred Shares issued and outstanding at the time of such conversion (the “Conversion Ratio”) at any time at the option of the holders of a majority of the issued and outstanding Series A Preferred Shares upon written notice of the conversion and properly endorsed. [Conversion Ratio Formula: # of Common Shares issued and outstanding x 6 ÷ # of Series A Preferred Shares issued and outstanding = Conversion Ratio per each Series A Preferred Share (i.e., 90,000,000 x 6 ÷ 2092 = 258,126 Conversion Ratio per each Series A Preferred Share)].
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