Examples of Preferred C Shares in a sentence
The Preferred C Shares can be converted into Company common stock at any time until December 31, 2018 at a conversion price of $0.52 per share.
The conversion price per share is based on the weighted average of the ten daily VWAPs for the 10 trading days immediately preceding the closing date of August 26, 2013.The Preferred C Shares accrue a 6% annual cumulative dividend, payable in additional Preferred C Shares.
Disclosure of Common and Preferred C Shares is as of the filing date of this Annual Report.
Pursuant to the 2013 Purchase Agreement, the Company issued 2,200 Preferred C Shares in exchange for the conversion of a $550,000 short term loan from CDS and the conversion of $1,650,000 in indebtedness under the CD Line of Credit.
The Preferred C Shares issued pursuant to the 2013 Purchase Agreement are “restricted securities” of the Company.