New 8K. There was a dispute about the price that the warrant shares convert into common shares. Looks like MGT came out the loser on this one, the lenders are getting more shares at the price they want, $.75! This is why you don’t take on convertible debt if you don’t have to, and for a company that had already mined nearly 1000 bitcoin there was no reason to do a deal like this. There are limits to how much debt can be converted, but with 2 lenders dumping it will be a lot of shares. Between the two the o/s will increase over 20%.
Iliad has increased the number of shares it will receive by 1,724,547 shares, with a maximum of 5,173,640 shares.
UAHC will receive an additional 1,206,667 shares, with a max of 3,620,001 shares. The total for both lenders is 8,793,641 shares.
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