To clarify:NO change in prospectus.holder of Preferred G/Loans can still exchange!Edt | NAVB Message Board Posts


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Msg  37849 of 38282  at  8/19/2022 9:51:12 PM  by

moneyonomics

The following message was updated on 8/21/2022 5:14:01 PM.

 In response to msg 37846 by  moneyonomics
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To clarify:NO change in prospectus.holder of Preferred G/Loans can still exchange!Edt

          
 Pages 4 and 8 of supplement.  Scott can subscribe for/up to 2.175mm cashless "I"  Rights using "F" and pay/exchange for the $$$ using appraised value of F, G or loans.  So as example only, if converts 2,175 rights ($2.175mm) and F worth $1.740mm book value (do not know appraised value) then can use $435k from G or loans to pay remainder. By default any of the G and loans Scott still holding after F payment would be available to pay for warrants, if/when available and exercising. EDITED Keystone/Wainwright can exchange for I rights only Keystone/Wainwright can pay for "I" Rights with D preferred(Keystone 1.368mm ($2.207mm at book value or 2,207 rights), along with Scott
 
Footnote: Scott can subscribe to "I" Rights all the way up to apprised value of F, G and 2 loans to buy "I" Rights, so for example if appraised value of all 4 is $7.7mm could buy 7,700 "I" Rights with no default residual left to buy Warrants.  So has a pretty stout $17.5mm already invested, so subscribing to say full value 7,700 rights would require up to another ~$8.5mm cash investment for warrants or  ~$26mm total which is more than stout
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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