OTCPK:JENGQ - Post by User
Post by
smalltimeinveston Jul 08, 2020 1:13pm
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Post# 31240194
I really hope I am wrong....
I really hope I am wrong....According to the Pro Forma capital structucture on the company website, the existing common shareholder value appears to be $4,000,000 on June 30. I do not know how many common shares are outstanding right now. Perhaps someone else knows.
29,300,000 new common will be issued at $3.41 per share for an additional $100,000,000 in cash. And it appears that the new common equity has already been committed to "Holders of the Existing Term Loan".
For common shareholders who stuck this out, like myself, It seems effectively the company has just gone bankrupt and re-invented itself in one fell swoop.
Please correct me if I have this incorrect...