Corporate ActionJul 31, 2026, 05:01 PM
Nuran Wireless Establishes Series A Convertible Preferred Shares
AI Summary
Nuran Wireless Inc. has filed a Notice of Alteration to establish Series A Convertible Preferred Shares. This new class of shares, with a maximum of 1,700,000, carries a cumulative 15% annual dividend, paid in kind, which escalates to 30% upon an Event of Default. The shares are convertible into common shares at a specified price and include protective provisions requiring significant holder consent for certain corporate actions, indicating a structured financing instrument.
Key Highlights
- Established Series A Convertible Preferred Shares with a maximum of 1,700,000 shares.
- Shares carry a cumulative dividend rate of 15% per annum, paid in kind (PIK Dividend).
- Dividend rate increases to 30% per annum upon an Event of Default.
- Convertible into Common Shares at the holder's option, with a conversion price of C$4.25 per share.
- Includes a Beneficial Ownership Limitation of 4.99% on conversion, adjustable to 9.99%.
- Company has the option to redeem shares at the Redemption Price.
- Protective provisions require 67% holder consent for actions adversely affecting rights or creating senior securities.
Price Impact
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