it is my understanding that Wanxiang never exercised the warrant.
See article by John Petersen and his response to this question as posed by me.
I appreciate your patience. As you said somewhere above, this is very complicated. I am trying to understand the following:
Reporting Person Number of Shares of Percentage of Number of Common Stock Outstanding Shares Outstanding Shares Beneficially of Common Stock2 of Common Stock3 Owned1,2 Wanxiang Group 34,839,097 9.99% 348,739,707 Wanxiang America 34,839,097 9.99% 348,739,707 Wanxiang Foundation 34,839,097 9.99% 348,739,707 Guanqiu Foundation 34,839,097 9.99% 348,739,707 Dr. Lu 34,839,097 9.99% 348,739,707
The SEC's beneficial ownership rules require a holder like Wanxaing to report both shares owned, and shares that can be acquired on the exercise of warrants and options.
When Wanxaing made the first bridge loan advances to A123, it got a bridge loan warrant that can be exercised to buy shares one of two ways. Wanxiang can either write a check for the exercise price, or exchange its secured debt for the exercise price. Neither event seems likely until the Bankruptcy is resolved because the secured creditor position is so much more advantageous than the stockholder position.
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