May. 16 at 4:50 PM
$LEV
I think we may end up with nothing, the Reverse Vesting Order states that all common shares will be cancelled for no consideration and that the Purchaser will be the sole shareholder of the company.’
Am I mistaken about this interpretation?
‘(i) all of the issued and outstanding common shares of the Company, including those currently held by the public, as well as any and all options, warrants and other instruments exercisable into, or convertible or exchangeable for, common shares of the Company, will ultimately be cancelled for no consideration, (ii) certain excluded assets and excluded liabilities of the Company and its subsidiaries will be vested-out and transferred to entities newly-incorporated for such purposes, and (iii) the Purchaser will subscribe for a new class of common shares in the capital of the Company, as a result of which, upon closing of the transactions contemplated by the Definitive Agreement, the Purchaser will be the sole shareholder of the Company.’
