On November 22, 2000, Vion Pharmaceuticals, Inc. (the "Company") mailed a notice to the holders of its outstanding shares of Class A Convertible Preferred Stock, par value $.01 per share ("Class A Stock"), calling for the redemption of such stocks on December 26, 2000 (the "Redemption Date") at a redemption price of $10.00 per share. As of November 22, 2000, 1,950 shares of Class A Stock were outstanding. The maximum amount of cash that would be required for redemption of the Class A Stock would be $19,500.
A registered holder of Class A Stock shall have the right to convert each share of Class A Stock into 2.777777 shares of the Company's Common Stock, reflecting a current conversion price of $3.60 per share of Common Stock, prior to the Redemption Date. The maximum number of shares of Common Stock which would be issued if all outstanding shares of Class A Stock are converted prior to redemption is 5,421. This right to convert the Class A Stock shall terminate at 5:00 p.m., New York City time, on the Redemption Date. After 5:00 p.m. New York time on the Redemption Date the Class A Stock will no longer be convertible and the holders will only have the right to receive the redemption price.
12/1/00 S-8 filing
Jim |
