hi all, pretty quiet around here! News out today!
NEW YORK, Aug. 18 /PRNewswire/ -- Global Intellicom, Inc. (Nasdaq: GBIT) announced today that, pursuant to the letter of intent announced previously, the company has concluded the lock-up agreement for the balance of Series 6 convertible preferred stock and commenced redemption of the balance of Series 7 convertible preferred stock.
The lock-up agreement contains key management objectives, which includes the lock-up of 2000 shares of series 6 convertible preferred stock (subject to limited leak-out provisions) until November 15, 1998 (based on market not discount), issuance of a Series II convertible preferred stock, in lieu of cash payments, the ability by the company to call for the holders of Series 6 to convert their position, and the ability for the Company to demand redemption of the Series 6 shares. The funds for the Series 7 redemption were raised by the sale of a Series 10 convertible preferred stock which is subject to the same terms, including the lock-up, as the Series 6.
The Company stated that in its opinion, the finalization of these documents eliminates the conversion of the balance of the Series 7 as well as the potential dilutive effect of the full conversion of the Series 6 shares. |
