Drexler converted $18 million of debt that he loaned the company to equity at $1.11 per share in Sept 2019:
On September 17, 2019, the Reporting Person delivered a notice to the Issuer and its independent directors of his election to convert, effective as of September 16, 2019 (the “Notice Date”), $18,000,000 of the amount outstanding (including all accrued and unpaid interest) under that certain Amended and Restated Convertible Secured Promissory Note dated as of November 8, 2017 (the “Note”), into shares of the Issuer’s Common Stock, at a conversion price of $1.11 per share, pursuant to the terms and conditions of the Note (the “Partial Conversion”). As of the Notice Date, the total amount outstanding under the Note (including principal and accrued and unpaid interest) was equal to $19,262,910.15. Pursuant to the terms of the Note, the Issuer has instructed the transfer agent for its shares to issue to the Reporting Person 16,216,216 shares of its Common Stock (the “Shares”) in respect of the Partial Conversion. The Note will remain outstanding in accordance with its terms in respect of all amounts in excess of the $18,000,000 that is subject to the Partial Conversion.
In my opinion, anything under $1.11 is a bargain as Drexler continues to show he will keep the company afloat and cut costs . I have a feeling financials are around the corner .
92k shares traded today of Musclepharm, over 10x recent volume and one of the single highest trading days in years. One big buy of 75k.
They do say volume before price . I’d guess to see a SC-13 in the next few days . This has to be Winston white / Amerop or Wynnefield or hopefully drexler himself .
Did they allow share buybacks with PPP money like the 2008 bailouts ? We know drexler got a million bucks .... just sayin’.
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