Castle Creek had NOT converted any preferred shares.
And has NOT exercised any warrants as of the recent filing date.
This is clearly stated on page 14 of the recent filing:
ADDITIONAL INFORMATION REGARDING THE SHARES BEING OFFERED BY CC INVESTMENTS
CC Investments owns 7,500 shares of our Series A Preferred Stock and 7,500 shares of our Series B Preferred Stock, plus warrants to purchase up to 895,522 shares of our common stock at a price of $6.78 per share. ...
LIMITATIONS ON CONVERSION AND EXERCISE. Pursuant to the terms of our preferred stock and warrants, CC Investments cannot convert or exercise any portion of our preferred stock or exercise our warrants if such conversion or exercise would increase CC Investments' beneficial ownership of our common stock to be in excess of 4.9% of our outstanding common stock. Absent such limitations, the number of shares of our common stock issuable upon conversion of the preferred stock and exercise of the warrants held by CC Investments, as
of February 10, 1999, would have been 3,434,608 shares, which would constitute approximately 11.4% of the outstanding shares of our common stock.
These are the same counts as the original preferred shares and warrants issued. They haven't converted any of the preferred at the time of the filing.
Paul |
