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Posted On: 01/15/2021 7:25:23 PM
Post# of 149047
Correct me if I'm wrong. Reading today's S3 more closely, this is merely REGISTRATION of the 2.1M shares to pay off the loan. It doesn't become equity until the shares are CONVERTED, and that would be done at Fife's discretion at a time of their choosing.
"As described in greater detail in the prospectus contained in this registration statement, the shares of common stock to be offered for resale by selling stockholder represent 2,100,000 shares of our common stock issuable upon conversion, at a fixed conversion price of $10.00 per share, of a long-term convertible note issued November 10, 2020, assuming for purposes hereof conversion of the entire outstanding principal balance of $21,000,000 as of January 15, 2020."
"As described in greater detail in the prospectus contained in this registration statement, the shares of common stock to be offered for resale by selling stockholder represent 2,100,000 shares of our common stock issuable upon conversion, at a fixed conversion price of $10.00 per share, of a long-term convertible note issued November 10, 2020, assuming for purposes hereof conversion of the entire outstanding principal balance of $21,000,000 as of January 15, 2020."
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