Is this one a floorless?http://biz.yahoo.com/e/l/c/cpcf.ob.html
In the private placement, the Company is offering a total of 235,294 shares of Series A Preferred Stock at a price of $8.50 per share, pursuant to Rule 506 under the Securities Act of 1933 as amended. The Series A Preferred Stock has no voting rights. Each Series A Preferred Share is convertible into Common Stock at a conversion price of $8.50 per share, however, on December 31, 1999, the conversion price shall be adjusted to the lower of (i) seventy-five percent (75%) of the average last sale price of the Common Stock for the thirty (30) trading days immediately preceding such date as reported on any stock exchange or (ii) $6.38 per share. As of September 30, 1999, the Company had sold 74,588 shares of Series A Preferred Stock for the gross proceeds of $634,000. As of November 15, 1999 the Company has closed the Series A Preferred Offering upon its receipt of an additional $40,000 for 4,705 shares of Series A Preferred Stock being sold in November. |
