This is completely and utterly false. A $5 preferred share ‘may’ convert at $5 divided by 75% of the average trailing 30 day price. Which means a $5 proffered would be approximately 550 common if the average was .0115 for the past 30 days.
You simply don’t get it and are trying to spread false statements.
“Holders of the Series D Preferred Stock may decide after 12 months to convert to common stock @ 75% of the 30-day average market closing price (for previous 30 business days) divided into $5.00. There is also an automatic conversion of the Series D Preferred Stock without consent of holders upon any national exchange listing approval and the registration effectiveness of common stock underlying the conversion rights. The automatic conversion to common from Series D Preferred shall be on the same conversion basis.”
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