On my quick, newbie, clueless, eyes-glazing-over read, new shares include:
1. Nasdaq shares, which at 20c floor would equal 170M shares (nearly 50% of the 360M shares outstanding.) 2. 4M Convertible Notes, converting to shares at a rate of 3 or 4 shares per convertible note (page 11); 3. 4.6M Commitment Fee Options; (page 11) 4. Amortization Payments to a max of 27M shares; (page 13) 4. The US sub-plan (apparently designed to exceed 15% of shares outstanding (ie 54M, based on 360M outstanding), per the vote to get around the rule about a company not being allowed to issue 15% more shares in a 12-month period; (page 8, page 11) 5. 14.7M Loan Conversion Shares, issued to the Doctor already in Dec 2018 (are these separate to his convertible notes converting to shares (?) and does this count as dilution if it's already issued (?) 6. Amortization Waiver Options (about 14M shares?)
I've left out sums below 1M shares, but also not sure what I've double-counted.
Listing date of July 24 (3 months after the meeting on April 24) seems a long time to wait. Maybe it's designed to allow for CFDA. Frankly April 24 seems a long time to wait for a meeting, when the vote is a fait accompli, given that the Doctor has all the voting power.
Initially, Nasdaq was meant to be all-done in 4-5 months, counting from Oct 2nd. 5 months has now elapsed, and this process starts a fresh 4 month clock ticking. Was this new process meant to have kicked off shortly after the first Nasdaq announcement on Oct 2, to allow everything to be done in 5 months? If not, looks like a different chain-dragging approach to the one anticipated on Oct 2.
Appreciate some expert input here. The market certainly looks unimpressed.
GMV Price at posting:
29.0¢ Sentiment: Hold Disclosure: Held
