für den kursrutsch um im regulären Handel?
Conversion of Debt to Equity On June 24, 2015, the Company entered into the Conversion Agreement Riverside Lender to effect the Conversion. The Company issued to Riverside Lender, in full satisfaction of the outstanding principal and accrued interest, the promissory notes in the aggregate of the original principal amount of $3.15 million plus accrued interest of $1.1 million, 1,288,156 shares of the Company?s Class A common stock using a conversion ratio equal to $3.29 per share; the closing price on the Common Stock on June 23, 2015. To comply with NASDAQ continued listing requirements, the Company would not issue any shares of Common Stock to the Riverside Lender at the closing of the Conversion if such issuance would result in the Riverside (together with its affiliates) holding shares of Common Stock in excess of 19.99% of the Company?s outstanding shares of Common Stock immediately after giving effect to the Conversion (the ?Maximum Percentage?) unless and until the Company has first obtained shareholder approval for such issuance. As such the Company issued 910,000 shares on June 25, 2015 and subsequently issued the remaining shares by July 15, 2015. In the accompanying Statement of Changes in Stockholders? Equity, the number of issued shares at June 30, 2015 reflects the total shares issuable to the Riverside Lender. Pursuant to the Conversion Agreement the Company is required to file, within 45 days after the effective date of the Conversion, a registration statement on Form S-3 to register for resale the shares of Class A common stock issued in the Conversion and any shares of Class A common stock held by the Riverside Lender?s affiliates. The registration statement must be effective within 120 days after the effective date of the Conversion.
|