where will they get cash? The $8 millions order is not going to come in on time or get paid on time.
The 98,000 shares of Series C preferred stock are convertible into $2,469,600 worth of common shares of Cyberlux Corporation at the option of UTEK at any time after November 10, 2007, with such stock being valued based on the average of the closing prices for the Cyberlux Corporation common stock for the 10 trading days prior to the conversion of the stock.
Do you know what this mean? PPS will be pushed down as low as it possibly can before they choose to convert. $2.469 millions at .02 a share = 123 millions. If they have option to deliver cash (which I don't know where it will be coming from, look at the financial filing last qtr), it's still left with $946,600 to convert. At .02 a share = 47.780 million shares.