Each Bemax Series A Preferred Equity Stock can convert into thirty (30) Common Stock beginning on the first day following the 180 days anniversary of issuance and the Common Stock tradable after the mandatory holding period. In the event the Board of Directors declares a dividend on the Common Stock, holders of the Series A Preferred Stock will be entitled to receive an equivalent dividend as if the Series A Preferred Stock had been converted into Common Stock prior to the declaration of such dividend.
Example of Bemax Series A Preferred Stock conversion into Common Stock:
1. Shareholder A owns 10,000 common shares of Bemax (BMXC) as at close of business on March 28, 2025 (record date).
Shareholder A is eligible to receive 1,000 Series A Convertible Preferred Stock - which is 10% of total Common Stock owned by shareholder A.
3. Upon conversion, shareholder A will receive 30,000 Common Stock.
Total Common Stock to be owned by shareholder A - 40,000 (assuming shareholder A is still holding the original 10,000 Common Stock as at the time of conversion).
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