You are correct but there's no change in par value, just an adjustment to number of shares issued and value committed and delivery at maturity. If it's less than par so be it but that's what they committed to based on maturity value and whatever terms are. The only question I would be hazy on is if it constituted a new offering. Little tricky there. I'm actually not sure how they are issuing a lot of these shares as they seem to have easily exceeded 504 exceptions. They might have snuck right in under the wire with the stock Margrit got in September with her siblings getting theirs on October 1.