In addition, Vaso Active has agreed to pay to plaintiffs' counsel for the Massachusetts and Delaware derivative actions a total of $25,000 in cash and $110,000 face amount of 2-year 5% subordinated callable notes convertible at a conversion price
The maximum number of subordinate voting shares that the Company may issue in the aggregate upon conversion of the secured convertible notes and exercise of all warrants and the broker warrant described below is 64,583,731, based on today's exchange rate and conversion price
The Debentures are convertible into shares of the Company's common stock at an initial conversion price
In no event will the conversion price
on the common shares issued as interest be less than the Market Price reserved for the Private Placement.
Until stockholder approval of certain provisions in the Notes and Warrants is received by the Company, stock issuances may not be made at an effective conversion price
3571 shares of common stock per $1,000 principal amount of the Notes (which is equal to a conversion price
of approximately $28.
The private placement consists of Secured Convertible Discount Notes which were issued at an original issue discount of 5%, are convertible into common stock of the Company at a conversion price
On and after the new conversion rights date, each $1,000 of senior convertible notes will instead be convertible into shares of common stock at an initial conversion price
The interest rate, conversion price
and other terms of the notes will be determined by negotiations between PolyMedica and the initial purchasers of the notes.
These transactions have the effect of increasing the effective conversion price
of the notes, from AmeriCredit's perspective, to $35 (in the case of the 2011 notes) or $40 (in the case of the 2013 notes), which represents approximately a 43% premium (in the case of the 2011 notes) or approximately a 64% premium (in the case of the 2013 notes), in each case to the closing price of AmeriCredit's common stock on September 12, 2006.
The notes will be convertible by the holders at any time following their issuance into shares of common stock of the Company, at an initial conversion price
The Notes currently are convertible into 111 shares of Common Stock at a conversion price