It may not be a bright one, but there is still a l
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Posted On: 06/14/2021 11:54:25 AM
It may not be a bright one, but there is still a light. No mention in today’s PR of paying off the convertible note for $40K that became eligible for conversion as of yesterday. “ variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen (15) trading day period ending on the latest complete trading day prior to the conversion date. ”
The two lowest trading prices that I can find were .0224 and .024 on May 21 and 24. The avg would be .0232 and 65% of that is .015
So if my math is right, then $40K plus roughly $2400 of interest gets converted at .015 and gives the note holder approx 2,826,666 shares to sell into the market starting today. It may take a few days to process the conversion.
That should easily be absorbed and the next note is due around the same time next month.
The two lowest trading prices that I can find were .0224 and .024 on May 21 and 24. The avg would be .0232 and 65% of that is .015
So if my math is right, then $40K plus roughly $2400 of interest gets converted at .015 and gives the note holder approx 2,826,666 shares to sell into the market starting today. It may take a few days to process the conversion.
That should easily be absorbed and the next note is due around the same time next month.
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