Replies to post #38199 on Vapor Group Inc (VPOR)

[Wolf91]

"the 750,000,000 shares have been reduced to 450,000,000 shares of restricted common stock that may be issued". Can you believe that! I mean this CEO actually reduced the amount of restricted common stock, out of his OWN POCKET! On top of that, he also reduced the A/S by HALF! What a thief...stealing from, well, his own pocket...and giving us the benefit. People these days.


Please go spread your doomsday cries elsewhere. Thanks.

VAPE ON

[blackcat]

It says:
2) Dividends. The holders of Series A Preferred Stock shall be entitled to receive dividends, payable via cash or stock in parity with the common stock holders.

As those must be declared before payment, we will know what and when they will receive.

I'm not seeing where it says they can convert Series B preferred "at anytime." Which one of these says that?

3. Conversion. The holders of Series B Preferred Stock shall have conversion rights as follows (“Conversion Rights”):

(a) Automatic Conversion. Each shares of Series B Preferred Stock shall not be convertible unless the Corporation’s Certificate of Incorporation has an adequate number of authorized shares of Common Stock available for issuance in an amount sufficient to permit the conversion of all the shares of Series B Preferred Stock, and all other convertible securities and instruments of the Corporation. Conditioned upon the foregoing, each share of Series B Preferred Stock shall automatically convert into eighteen hundred (1,800) fully paid and nonassessable share of Common Stock of the Corporation.

(b) Mechanics of Conversion. At such time as the conditions described in Section 3(a) shall have occurred, holders of the Series B Preferred Stock shall surrender the certificates therefor, duly endorsed, at the office of the Corporation or of any transfer agent for the Series B Preferred Stock. The Corporation shall, as soon as practicable thereafter, issue and deliver at such office to such holder of Series B Preferred Stock, a certificate or certificates for the number of shares of Common Stock of the Corporation to which such holder shall be entitled as aforesaid. Such conversion shall be deemed to have been made immediately prior to the close of business on the date the conditions set forth in Section 3(a) herein have been satisfied and the person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock as of such date.

(c) No Impairment. This Corporation will not, by amendment of its Certificate of Incorporation or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by this Corporation, but will at all times in good faith assist in the carrying out of all the provisions of this Section 3 and in the taking of all such action as may be necessary or appropriate in order to protect the Conversion Rights of the holders of the Series B Preferred Stock against impairment.

Preferred shares are one of my favorite investments. I own quite a few varieties and conversion is generally at "specific times".