Examples of Class A Convertible Preferred Stock in a sentence
We have authorized 62,500,000 shares of capital stock, par value $0.001 per share, of which 12,500,000 are shares of common stock and 50,000,000 are shares of preferred stock, 875,000 of which are designated Class A Convertible Preferred Stock.
As of October 24, 2019, there were no shares of Class A Convertible Preferred Stock issued and outstanding.
The holders of our Class A Convertible Preferred Stock are not entitled to vote on any matter submitted to a vote of the holders of our common stock, including the election of directors.
The Class A Convertible Preferred Stock is, with respect to dividend rights, entitled to two times the amount of any dividend granted by our board of directors to the holders of our common stock.
Subject to certain exceptions, each share of Class A Convertible Preferred Stock is convertible at the option of the holder and without the payment of additional consideration by the holder, at any time, into shares of our common stock at a conversion rate of one share of our common stock for every one share of our Class A Convertible Preferred Stock.
The rights and preferences of our Class A Convertible Preferred Stock include the following: Liquidation Preference In the event of any dissolution, liquidation or winding up of our Company, whether voluntary or involuntary, the holders of our Class A Convertible Preferred Stock are entitled to participate in any distribution out of our assets of on an equal basis per share with the holders of our common stock.
Subject to the limitation on conversion described above, on the first day of each month until there are no shares of our Class A Convertible Preferred Stock outstanding, each share of our Class A Convertible Preferred Stock will convert without the payment of additional consideration by a holder into shares of our common stock on the automatic conversion date at a conversion rate of one share of our common stock for every one share of our Class A Convertible Preferred Stock.
Because the Company has deferred its payments of interest under the TRUPS for 8 consecutive quarters, the Company has made no dividend payments on its Class A Convertible Preferred Stock since December 2010.
Section 1(a)(xviii) – Dividend Payments Class A Convertible Preferred Stock.
Under no current scenario would there be enough funds available to pay cash dividends on the Company’s Class A Convertible Preferred Stock and Class B Preferred Stock (including the Securities).