You don't have to know how many. You have to choose what you want them to do if your converting would result in you owning more than 10% of the common shares. You are hereby requested to convert Shares of Series C Preferred Stock into Common Stock, as per 141 Capital’s Amended and Restated Articles of Incorporation. Should the conversion of these shares result in the beneficiary’s holdings exceeding 10% of the issued and outstanding Common Stock of 141 Capital, you are hereby requested to (clearly indicate one): ...
This is interesting. It sounds like no one can own more than 10% and still convert pref'd to common shares. This will help limit the common shares total. Those whose total holdings will not exceed 10% after the conversion will not be effected. If I am understanding this correctly.
Like to know what the restrictions are for: Convert the number of Series C Preferred Shares requested and issue restricted Common Stock. 1) Can these restricted shares be split? 2) how long will they be restricted from trading?