“That would take a massive string of events and every single preferred d shareholder to convert at certain times”
Actually not. Only SIX separate conversions of 10,000 prefs each time will lead to an OS over 5 BILLION with 25,235 prefs remaining with a conversion factor of 1.1 MILLION common shares per Pref for the remaining unconverted ones.
I think many don’t realize just how ugly those conversion terms are.
The main reason here is the deal flow that someone must be seeing to invest 24.6 million dollars in 18 months and another company 6 million dollars.
Someone didn’t invest anything into this company. Last time I checked, LOIs were non-binding agreements. But Tom and Dennis would like you to believe it’s binding in this case. Just like all the POs that BVTK never fulfilled.
And where’s that $21M+ finder’s fee or the $100M+ iron ore contract? I guess those millions weren’t good enough... LOL
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