How many have been sold? I believe you have been touting none have sold (with exception of ST3 buying them)
From your link:
“The automatic conversion to common from Series D Preferred shall be @75% of the 30 day average market closing price (for previous 30 business days) divided into $5.00, which shall be post-reverse split as may be necessary for any Exchange listing “.
# of shares offered: 7600000 Number outstanding: 46649 Price per share: $5
These shares are not common shares. They offer dividends and conversion into commons with the equation listed.
Another quote”
Upon conclusion of the Offering, we will issue to CIM, or its designees, warrants to purchase the Series D Preferred shares in an amount equivalent to 6% of the amount of Series D Preferred Shares issued in the Offering which were issued pursuant to the solicitation of CIM or its sub-agents, if any. Such warrants will be exercisable for a period of four years from commencement of this Offering (the “Termination Date”) and will have an exercise price of $6.00 per share, (120% of the offering price of the Series D Preferred shares). The warrants will not; however, be exercisable in the 180 days following issuance (i.e. locked up). The restriction begins on the date of commencement of sales. Further, any Series D Preferred Shares issued upon exercise of the warrants may not be converted into shares of common stock after the Termination Date.”
So no. Those 7600000 shares do not hit the OS as 1:1.
An example. If the average price is $3.00 post RS (.003 pre), the conversion to commons is: $5 per series D share / ( .75 * $3.00). That’s about 2.2 shares for each series D share sold. And that’s if it’s $3 a share average.
The shares outstanding can be found here on page 4. Far fewer than 7.6 mil mezz shares outstanding.
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