trding, schlingel, If you are referring to the
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Posted On: 10/20/2019 4:06:41 PM
trding, schlingel,
If you are referring to the Long-term convertible notes (June 2018), the noteholder can redeem at the lesser of (i) $0.55, or (ii) the lowest closing bid price of the Company’s common stock during the 20 days prior to the conversion. The monthly redemption amount is $350,000 in cash or stock.
If we say that the lowest bid was $0.3, this translates to app. 1,372,500 shares (applying the 85% conversion factor). I think the drop to $0.26 was due, as schlingel Insightfully suggests, to te holder redeeming, however the volume we saw would seem to indicate that the amount of stock he/she "dumped" was higher than 10% of total.
In any case, for practical purposes, once they are done with this volume, the selling should dwindle. Friday's volume was app. 2,245,000 shares (no way to tell how many from the noteholder)
If you are referring to the Long-term convertible notes (June 2018), the noteholder can redeem at the lesser of (i) $0.55, or (ii) the lowest closing bid price of the Company’s common stock during the 20 days prior to the conversion. The monthly redemption amount is $350,000 in cash or stock.
If we say that the lowest bid was $0.3, this translates to app. 1,372,500 shares (applying the 85% conversion factor). I think the drop to $0.26 was due, as schlingel Insightfully suggests, to te holder redeeming, however the volume we saw would seem to indicate that the amount of stock he/she "dumped" was higher than 10% of total.
In any case, for practical purposes, once they are done with this volume, the selling should dwindle. Friday's volume was app. 2,245,000 shares (no way to tell how many from the noteholder)
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