Restricted IMHO...note the preferred shares allow the insiders to retain control while reducing O/S. I am impressed by this action. Many of you know that I have questioned the issuance of shares to insiders. It is apparent they now feel that a reduction in shares on their part will still give them a huge return or they wouldn't do it JMHO and intial reaction to the announcement.
"The swap of our common shares for Series B Preferred is a sign of management's long-term belief in and commitment to the company," explains Spooz CEO Paul Strickland. "It effectively prevents liquidation of insider's stock so that we can not sell under rule Rule 144 for the foreseeable future."
I think Rule 144 restricts stock for two years. (Please someone correct me if I'm wrong)
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