"As of May 17, 2019, the Investor converted an agg
Post# of 15624
(Total Views: 692)
Posted On: 06/01/2019 12:50:32 AM
"As of May 17, 2019, the Investor converted an aggregate of 67 shares of Preferred Stock into an aggregate of 41,668,210 shares of the Common Stock at the conversion prices in effect on the respective conversion dates."
So let me get this straight, the "Investor" received 500 preferred shares, converted 67 of these shares for 41 million common shares, so he has 433 preferred shares left, and if he continues to convert them and the price doesn't go up (which is really hasn't in the last 2 years), it would essentially be equal to 310 million more shares issued. This would put us over the top of the number of shares allowed since we only have 500 million and I think we're over 200 million converted at this point...correct me if I'm wrong.
So if we rejected the reverse split proposal, how does this work then? They won't even have enough shares to pay off the "Investor", much less the ability to keep the doors open. Am I not understanding something or are we all sunk??
So let me get this straight, the "Investor" received 500 preferred shares, converted 67 of these shares for 41 million common shares, so he has 433 preferred shares left, and if he continues to convert them and the price doesn't go up (which is really hasn't in the last 2 years), it would essentially be equal to 310 million more shares issued. This would put us over the top of the number of shares allowed since we only have 500 million and I think we're over 200 million converted at this point...correct me if I'm wrong.
So if we rejected the reverse split proposal, how does this work then? They won't even have enough shares to pay off the "Investor", much less the ability to keep the doors open. Am I not understanding something or are we all sunk??
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