per yesterday's sec filing, SPEX will issue 1,148,152 sahres of Series D Convertible Pfd Stock to North South to buy their IP and business. Each share of Series D Conv Pfd stock is convertible into 10 (TEN) shares of SPEX common stock....therefore North South will receieve the equivalent of 11,481,152 shares. SPEX currently has around 800,000 shares....so this one dilutive deal alone reduces current shareholders to less than 7% of the new firm.
And don't forget the filing also sets aside 2,800,000 new shares of common for employee incentives (and, again, only 800,000 exist now) so employees will be given incentive shares equal to 3 1/2 times the current float.
This is Reverse Split 101.
I don't know who currently owns this stock (not me for years) but I wonder if they have any idea what they own? or what they think they own?
I have no idea what this thing is....or what these newly acquired patents are worth....but I'm pretty sure the shysters now running the show here will make out very nicely....not so sure about those who own these current shares.....