Now try recalculating the number shares according to the formula for the deal.
Today there were .0109 trades. They will likely take tomorrow's lowest price to create an average and then you multiple by 58%. For jollies let's say the average is .012.
The conversion price would be .00696 which translates to 8.62 million shares issued for the $60K still owed.
Quote:The conversion price hereunder (the “Conversion Price”) shall equal 58% multiplied by the average of the lowest 2 Trading Prices for the Common Stock during the 15 Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.
Today there were .0109 trades. They will likely take tomorrow's lowest price to create an average and then you multiple by 58%. For jollies let's say the average is .012.
The conversion price would be .00696 which translates to 8.62 million shares issued for the $60K still owed.