It means pain ahead. The CEO and COO are the convertible note holders ... they foregave some of the balances in exchange for preferred B shares ... which convert in to common shares at the rate of 200 to 1 ... it was a work around to ease the company books [which they're no longer filing] and still collect some cash
On March 15, 2017, the Company filed a Certificate of Designation for the Preferred with the Secretary of State of the State of Nevada. The Preferred Certificate of Designation provides authorization for the issuance of 1,108,861 shares of Preferred, par value $0.001. Each holder of Preferred may, from time to time, convert any or all of such holder’s shares of Preferred into fully paid and non-assessable shares of common stock in an amount equal to two hundred (200) shares of common stock for each one (1) share of Preferred surrendered. However, at no time may all or a portion of shares of Preferred stock be converted if the number of shares of common stock to be issued pursuant to such conversion which would exceed, when aggregated with all other shares of common stock owned by such holder at such time, the number of shares of common stock which would result in such holder beneficially owning more than 4.99% of all of the common stock outstanding at such time.
Here's-the-explanation:Just a public disclosure of what was agreed to over 2 years ago and acted on now:
Charles and Michal, management, received Series B Convertible preferred in exchange for the anti-dilution shares owed them in connection with their investment in the company in January 2015. They just converted their series B to common stock and the Form 4 discloses that to the public. (Per company.)
WHY convert now, IDK. Did some restriction term expire? If someone has the time to read the old filings pls. share.
But haven't some people here been saying there need to be fewer Preferred shares? So sounds like this would've added to commons O/S, but there's no mention of their wanting to sell -- historically Charles hadn't been selling his shares IF I recall correctly, I haven't paid close attn. since the R/S.
As a result some of these figures may have changed since 4/5/17: The T/A will usually reveal current O/S.
Would assume the common shares increased per filing, Preferred decreased. NOT one-for-one, see the 8K. BTCS Security Details Share Structure Market Value1 $2,706,853 a/o Apr 20, 2017 Authorized Shares 975,000,000 a/o Apr 06, 2017 Outstanding Shares 41,708,053 a/o Apr 06, 2017 -Restricted 20,973,067 a/o Apr 06, 2017 -Unrestricted 20,734,986 a/o Apr 06, 2017 Held at DTC 20,676,521 a/o Apr 06, 2017
Float 14,431,800 a/o Jan 16, 2017
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