Stated conversion price

At the time of issuance of a convertible security, the price the issuer effectively grants the securityholder to purchase the common stock, equal to the par value of the convertible security divided by the conversion ratio.

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According to Millennium Cell, the three-year Series C Preferred provides for cumulative dividends at seven percent per annum and has a stated conversion price of $2 per share, which is adjustable under certain conditions.

Millennium Cell Completes Private Placement Financing

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