Dennis, English is really a convoluted language to an English Challenge framer like me.
"CC Investments has agreed that on any day it will not sell our common stock
on a public trading market in excess of the greatest of (i) 30,000 shares, (ii)
15% of the total number of shares of our common stock sold on the Nasdaq National Market during such trading day, and (iii) 15% of the average
daily trading volume on the Nasdaq National Market for the five consecutive
trading days immediately preceding such sale, unless such shares are sold at
a price in excess of $12.00 per share."
, I would say that means that CC can seller 30,000 shares on any day, whatever the volume, or, if the volume in any given day exceeds 200,000 shares, then they can sell up to 15% of such volume, or, if the price of the shares is greater than $12/share, they can sell to their heart desire as much as they own (if more, then it would be short sales).
By the way, I believe that this limitation applies not just to their converted shares, but to borrowed shares (shorting against the block) as well, but I'll have to go back to the actual document to ascertain this.
Zeev |
