![]() ![]() While we are distributing to holders of our common stock and Series D preferred stock one subscription right for every four shares of common stock owned or deemed owned on the Record Date, we are only seeking to raise $100 million dollars in gross proceeds in this offering. See “-What is the over-subscription right?” below. If you exercise fewer than all of your basic rights, however, you will not be entitled to purchase any additional shares pursuant to the over-subscription right. You may exercise all, a portion or none of your basic rights. For example, if you owned 4,000 shares of common stock as of the record date, you would receive 1,000 basic rights and would have the right to purchase, for an aggregate Subscription Price, 1,000 shares of common stock. We have granted to you, as a holder of common stock as of the record date, one basic right for each four shares of common stock you then owned. Any fractional basic rights will be rounded up to one Subscription Right. Regardless of the Actual Subscription Price, Stockholders who exercise their rights will have no right to rescind their subscriptions after receipt of their completed subscription certificates together with payment for shares by the subscription agent.įor each basic right held, each rights holder has the opportunity to purchase one share at the Actual Subscription Price, provided that (1) basic rights must be exercised for a whole share (cannot exercise 0.5 Subscription Rights), and (2) the total subscription price payable upon any exercise of Subscription Rights will be rounded to the nearest whole cent. Stockholders exercising their Subscription Rights are in effect investing a fixed amount in the Company to receive the maximum number of shares of Common Stock issuable at the Actual Subscription Price. The Estimated Subscription Price reflects what the Actual Subscription Price would be if it was calculated using as the end date for the VWAP. Because the subscription price will be determined on the Expiration Date, rights holders will not know the subscription price at the time of exercise and will be required initially to pay for both the shares subscribed for pursuant to their basic Subscription Rights and, if eligible, any additional shares subscribed for pursuant to the over-subscription right at the Estimated Subscription Price of $0.001425 per share. The Actual Subscription Price for the shares to be issued pursuant to the offer will equal 75% of the VWAP of our common stock on the OTC Pink Sheets for the five consecutive trading days ending on the Expiration Date.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |