Post by
drogala on Mar 08, 2021 2:25pm
Forced Conversion of Remaining Debentures
If $UI closes over $0.215 today that will mark the 20th consecutive trading day at or above a $0.215 close which allows UI to force the conversion of any remaining debenture shares into equity at the $0.125 conversion price. A majority of holders voluntarily converted previously but this will clean up the last of the debentures (assuming we hold for the next 90 minutes). This should be a nice PR and will further clean up the balance sheet and likely could be a trigger to allow them to seek more conventional and much better priced debt financing.
I know there aren't a ton of debentures left but it is in some places a check the box item that likely prohibits other commercial lenders from issuing debt to them.
Just another check the box item in terms of the positives going for this company.
Comment by
Torontojay on Mar 08, 2021 9:13pm
This is great news Drogala. Thanks for pointing this out.
Comment by
Baratheon on Mar 09, 2021 9:23am
Drogala was right! News release: https://ca.finance.yahoo.com/news/urbanimmersive-announces-forced-conversion-debentures-140000283.html
Comment by
redcoats on Mar 11, 2021 1:07am
Great call, Drogala! You were dead on with your prediction.