Type messageThat largely depends on where the common shares come from when converted. If they come from OS, the PPS should go up when converted. If they are added to the OS count, thereby diluting the share count, the PPS should go down. Hopefully, using the money raised wisely will reduce the impact of... More
so you lied about the "toxic convert" you have no cred
from SEC filing:
Each share of Series 18 Preferred Stock has a stated value of $1,000 per share and is convertible, in certain circumstances, at the option of the holder at any time prior to the automatic conversion of such shares. The Series 18 Preferred Stock is convertible into a total of 15,000,000 shares of registered common stock at a conversion price of $1.00 per share of common stock. Shares of the Series 18 Preferred Stock will receive dividends in the same amount as any dividends declared and paid on shares of common stock, but would be entitled to a liquidation preference over the common stock in certain liquidation events. The Series 18 Preferred Stock will have no voting rights on general corporate matters. A copy of the form of the Series 18 Preferred Stock Certificate is attached hereto as Exhibit 4.1.
The Offering was made pursuant to the Company's shelf registration statement on Form S-3, filed with the Securities and Exchange Commission ("SEC") on October 25, 2011, which became effective on November 1, 2011 (Registration Statement No. 333-177506), as supplemented by the prospectus supplement filed with the SEC on September 13, 2013.
As of September 18, 2013, 15,000 shares of Series 18 Preferred Stock have been converted into an aggregate of 15,000,000 shares of Common Stock. The Company closed the Offering on September 18, 2013.
That largely depends on where the common shares come from when converted. If they come from OS, the PPS should go up when converted. If they are added to the OS count, thereby diluting the share count, the PPS should go down. Hopefully, using the money raised wisely will reduce the impact of either action.