Floorless Preferred Stock/Debenture Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Floorless Preferred Stock/Debenture

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Ditchdigger who wrote (940)	9/3/1999 8:40:00 PM
From: Larry Brubaker	Read Replies (1) of 1438

NAVR does an apparent floorless with Fletcher. Excerpt from 9/2/99 8-K filing. Fletcher may convert shares of Class B Preferred Stock into shares of Navarre's common stock ("Common Stock") at any time after issuance provided certain conditions are met. In addition, subject to certain conditions, Navarre may demand conversion of the 34,000 shares of Class B Preferred Stock issued in the first tranche and the 34,000 share of Class B Preferred Stock issued in the second tranche one year from the date the Class B Preferred Stock was issued. The conversion ratio is determined by dividing $250 by a variable conversion price which is tied to the market price of the Common Stock. The conversion price can be no greater than 180% of the closing price of the Common Stock on the date prior to the date the Class B Preferred Stock or the warrant covering shares of Class B Preferred Stock was issued. In addition, for the six month period ended February 20, 2000, the conversion price can be no less than $9.25. Subject to certain conditions, the Class B Preferred Stock will be automatically converted into Common Stock three years after the issuance of the Class B Preferred Stock.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next