They clearly needed more money so they sold a bit
Post# of 30029
Posted On: 12/10/2015 3:58:24 PM
Re: jamiejaytrader #21711
They clearly needed more money so they sold a bit more of the Series H.
But the $1.38 price is completely irrelevant (but for calculation purposes for the filing). They sell these shares for $1,000 a share. And the holder can convert at 75% of the then market price. For example, $.0.525 if the market price is $0.70.
The $1.38 is just in the filing for calculation purposes as of the day of the sale.
And GC is silent so far. Hope he responds at some point. Otherwise, he needs to shut up on twitter.
But the $1.38 price is completely irrelevant (but for calculation purposes for the filing). They sell these shares for $1,000 a share. And the holder can convert at 75% of the then market price. For example, $.0.525 if the market price is $0.70.
The $1.38 is just in the filing for calculation purposes as of the day of the sale.
And GC is silent so far. Hope he responds at some point. Otherwise, he needs to shut up on twitter.
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Reason i think this is because they could have sold a whole bunch more shares when it was at $1.38 right?
I'm no expert with these kind of filings but thats what i read into it.
If i see this wrong, please correct me.
Gerald will respond today from China. I expect something before the opening of the market. In China it will be 22:30pm when the US market opens.
Curious as to what new info he will bring to the table for us.
I'm hoping for a partnership for ESS or MANF.
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