Examples of Series A-1 Convertible Preferred in a sentence
Agreement to Amend Series A-1 Convertible Preferred (incorporated by reference to Exhibit 10.2 to the Issuer’s Form 8-K (SEC File No. 001-37759), filed with the SEC on January 31, 2020).
Apex Investment Fund II, L.P., owning 408,000 shares of Series A Convertible Preferred Stock which are currently convertible into 2,266,685 shares of Common Stock, The Environmental Private Equity Fund II, L.P., owning 600,000 shares of Series A Convertible Preferred Stock which are currently convertible into 3,333,360 shares of Common Stock, and Proactive Partners, L.P., owning 500,000 shares of Series A-1 Convertible Preferred Stock which are currently convertible to 2,777,800 shares of Common Stock.
Series A Convertible Preferred Stock was converted into 7,476,632 shares of common stock, Series A-1 Convertible Preferred Stock was converted into 5,233,637 shares of common stock and Series B Convertible Preferred Stock was converted into 10,532,229 shares of common stock and 1,150,000 shares of non-voting common stock.
All Series A Preferred Shares are automatically convertible upon a majority vote from all Series A Preferred Shareholders and Series A-1 Convertible Preferred Shareholders (together the “Designated Preferred Shareholders”) or upon the closing of the sale of common shares in a public offering whereby the share price is at least five times the Series A Preferred Share original issue price of $1.237 per share (the “Public Offering”).
In addition, as of April 7, 2017, there were 150,495.54 shares of preferred stock outstanding, consisting of 133,334 shares of our Series A Convertible Preferred Stock, 16,560 shares of our Series A-1 Convertible Preferred Stock, and 601.54 shares of our Series C Convertible Preferred Stock.
In addition, we must first pay dividends on our Series A and Series A-1 Convertible Preferred Stock, which have priority over any dividends to be paid to holders of our common stock.
The Series A-1 Convertible Preferred Stock is convertible into the Issuer's Common Stock on a 1-for-1.22 basis without payment of further consideration and has no expiration date.
Other than with respect to shares of Series A and Series A-1 Convertible Preferred Stock, future dividend policy is subject to the sole discretion of our Board of Directors and will depend upon a number of factors, including future earnings, capital requirements and our financial condition.
In accordance with the terms of the Company’s preferred shares, the Company may not declare a dividend on the Company’s common stock without the approval of at least a majority of the holders of the outstanding shares of the Company’s Series A, Series A-1 Convertible Preferred Stock (the “Series A-1”), Series C, and Series C.
The shares of Series A-1 Convertible Preferred Stock have no expiration date.