Theoretically, re: the call provision @ $7.00 average, (should warrant holders & shareholders be so fortunate). There could be 49 days to make up individual minds as to whether to convert or sell, (SOGOTP, after the average is set in stone.
10 trading days plus one or two weekends beyond a possible 20 straight day run @ or above $7.00, plus 5 days pre-notice, plus 30 days = 49 days. (unless they call it after the first 20 at or over ave, then 35 days.)
A possibility, depending on a strict interpretation of the wording..rather than '?intent?'..exists of a few more than 49, if the average of the $7.00 for 20 days is attained by very high prices in the first days of the series...it's a math thing.
ie..$7 x 20 days = $140...so..10 days @ $14 closing price would equal that $140..sooo...conceivably..could have 20 days plus 5 plus 30 = 55 days plus any weekends in between the ensuing 20 trading days (after the original 10)...unless they realize the average has been attained in 10 days, and wish to give the 5 day notice immediately, then we're back to 35.
The extreme case would be $140 on the first day...then either the minimum 35 days or about 64 days or so..not likely..but fun to play with the numbers.
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The Redeemable Warrants are subject to redemption by the Company at any time, at
a price of $.25 per Redeemable Warrant if the average closing bid price of the
Common Stock equals or exceeds 140% of the IPO price per share ($7.00) for any
20 trading days within a period of 30 consecutive trading days ending on the
fifth trading day prior to the date of notice of redemption. Redemption of the
Redeemable Warrants can be made only after 30 days notice, during which period
the holders of the Redeemable Warrants may exercise the Redeemable Warrants
===
Best, Savant
PS..'course..they could extend, should they choose to do so.
All IMHO. |
