No doubt, those C & D PS deals were a financing horror show for the CS hldrs. I also just realized I left out the 12.5% discount applicable to the "lower of $.371/sh, 10 day VWAP or prior day EOD pps in determining conversion.
Please note that as you stated outstanding on series C ~$7.5M + outstanding on series D ~$25M for a total of $32.5M.
If you use the $.371/sh as the "lower of" figure multiply it by the 89,483,453 shares to be held in reserve you get $33,198,361 which covers the $32.5M.
Post RS I would expect (as I stated earlier) that the number of shares held in reserve will be increased from 9M to ~14 or 15M (post 10:1 RS)
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