Not sure where you come up with $2.60 for the Nove
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Posted On: 12/18/2020 9:34:53 PM
Not sure where you come up with $2.60 for the November tranche.
Also, the loans prior to the July and November loans did not have a $10 conversion, but a much much lower conversion price.
And, if you read the November 10 loan, the $7.5 million could be paid toward any of the outstanding prior loans.
In fact on page 8 of today's filing it says that:
Note the conversion price of the March loan was $4.50, not $10.
And, on the same page:
Note it says "Between June 26, 2020 and November 24, 2020," so these shares paid off all of the March loan, not merely the $7,500,000 payment reduction.
It appears that the loans prior to July are paid off, which is good, or great news.
And, as to the July and November loans, $7,500,000 of the November loan is paid off, as well, which is good news, too.
As after the $7,500,000 November payment, the only two remaining Fife loans have a $10 conversion, you can't force Fife to accept that price at this time, the $10 conversion price anticipates that the share price is already over $10. So, you negotiate a price higher than the price at the time of the loan (November 10 share price closed $2.02) and lower than currently closed ($4.995). And, assuming that they used yesterday's closing price of $4.68 as we don't know when today the contract was signed today, the average of $2.02 and $4.68, and you have $3.35, not much off of the $3.40 used.
I don't know how you can spin any of this as a negative, but I am sure the shorts will try.
Also, the loans prior to the July and November loans did not have a $10 conversion, but a much much lower conversion price.
And, if you read the November 10 loan, the $7.5 million could be paid toward any of the outstanding prior loans.
In fact on page 8 of today's filing it says that:
Quote:
The selling stockholder may convert all or any part the outstanding balance of the March 2020 Note into shares of our common stock at an initial conversion price of $4.50 per share upon five trading days’ notice, subject to certain adjustments and volume and ownership limitations specified in the March 2020 Note.
Note the conversion price of the March loan was $4.50, not $10.
And, on the same page:
Quote:
Between June 26, 2020 and November 24, 2020, we received conversion and redemption notices from the selling stockholder, and applied the November 2020 Debt Reduction Amount to this note resulting in the note being fully satisfied. The Debt Reduction Amount was separately and independently restructured to be settled in shares of common stock. In satisfaction of the conversions, redemption, and Debt Reduction Amount, we paid $950,000 cash and issued shares of common stock totaling 6,412,444 to the selling stockholder, resulting in the note
being fully satisfied and there is no outstanding balance.
Note it says "Between June 26, 2020 and November 24, 2020," so these shares paid off all of the March loan, not merely the $7,500,000 payment reduction.
It appears that the loans prior to July are paid off, which is good, or great news.
And, as to the July and November loans, $7,500,000 of the November loan is paid off, as well, which is good news, too.
As after the $7,500,000 November payment, the only two remaining Fife loans have a $10 conversion, you can't force Fife to accept that price at this time, the $10 conversion price anticipates that the share price is already over $10. So, you negotiate a price higher than the price at the time of the loan (November 10 share price closed $2.02) and lower than currently closed ($4.995). And, assuming that they used yesterday's closing price of $4.68 as we don't know when today the contract was signed today, the average of $2.02 and $4.68, and you have $3.35, not much off of the $3.40 used.
I don't know how you can spin any of this as a negative, but I am sure the shorts will try.
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