Not necessarily a requirement if they are acquired.... From SOHON prospectus it's up to them, similar wording in SOHOB and SOHOO.
"Upon the occurrence of a Change of Control (as defined in “Description of the Series D Preferred Stock—Special Optional Redemption”), we may, at our option, redeem the Series D Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share of Series D Preferred Stock, plus any accrued and unpaid distributions to, but not including, the date of redemption".
From the shareholder perspective you have this as an option for change of control:
"Upon the occurrence of a Change of Control, each holder of shares of the Series D Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem shares of our Series D Preferred Stock) to convert some or all of the shares of the Series D Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock"
The details of the conversion rate is spelled out in the prospectus.
sec.gov |
