Well lookie here, from ELGO's 8K (pump fro the dump): "eGlobe/Coast, Inc. as part of the merger ("Merger Sub"), CIT and the
stockholders of CIT (the "Merger Agreement"), CIT merged with and into Merger Sub, with the result that Merger Sub survived the merger as a wholly owned subsidiary of eGlobe. eGlobe purchased CIT for approximately $12.6 million, including the issuance of 882,904 shares of common stock and 16,100 shares of Series O convertible preferred stock (the "Series O Preferred Stock") which are
convertible into a maximum of 3,220,000 shares of common stock.
The shares of Series O Preferred Stock are convertible, at a conversion
price equal to $5.00 at the holder's option, into shares of common stock at any
time after the later of (A) one year after the date of issuance and (B) the date
eGlobe has received stockholder approval for such conversion and the applicable
Hart-Scott-Rodino waiting period has expired or terminated (the "Clearance
Date"). The shares of Series O Preferred Stock will automatically be converted
into shares of common stock, on the earliest to occur of (v) the fifth
anniversary of the first issuance of Series O Preferred Stock, (x) the first
date as of which the last reported sales price of common stock on Nasdaq is
$6.00 or more for any 15 consecutive trading days during any period in which
Series O Preferred Stock is outstanding, (y) the date that 80% or more of the |
