In addition to the dividends Apple began paying in the past year and the stock buyback program underway, Einhorn wants the company to distribute a special
preferred class of stock to shareholders.
Not exact matches
As previously announced, the company issued an additional $ 34.5 million
of 5.25 %
Class M cumulative redeemable
preferred stock after the underwriters exercised their 30 - day over-allotment option in January
of 2018.
We all vote together as a single
class of preferred stock but each Series has its own price in order to prevent multiple liquidation preferences.
As
of June 30, 2015, there were no shares
of our
Class A common
stock and 291,005,896 shares
of our
Class B common
stock outstanding, held by 611 stockholders
of record, and no shares
of our
preferred stock outstanding, assuming the automatic conversion and reclassification
of all outstanding shares
of our convertible
preferred stock into shares
of our
Class B common
stock effective immediately prior to the completion
of this offering.
As
of December 31, 2010, we had outstanding 45,647,201 shares
of preferred stock, all
of which will be converted into an equivalent number
of shares
of Class B common
stock immediately prior to the completion
of this offering.
Common
stock is a lesser
class of stock than
preferred stock.
As
of September 30, 2015, there were no shares
of our
Class A common
stock and 297,294,713 shares
of our
Class B common
stock outstanding, held by 665 stockholders
of record, and no shares
of our
preferred stock outstanding, assuming the automatic conversion and reclassification
of all outstanding shares
of our convertible
preferred stock into shares
of our
Class B common
stock effective immediately prior to the completion
of this offering.
Upon the consummation
of the initial public offering contemplated by the Company, all
of the outstanding shares
of convertible
preferred stock will automatically convert into shares
of Class B common
stock.
As COO, he had full responsibility for all Portfolio Management, Investment Research and Office Operations
of the firm, designing and developing new products for the firm in the asset
classes of preferred shares and common
stock, in addition to his responsibility for the firm's Government bond portfolios under management (over $ 1.7 billion).
Conversion Rights — All convertible
preferred stock will be automatically converted into common
stock upon (i) the closing
of an underwritten public offering
of shares
of common
stock of the Company at a public offering price per share that provides at least $ 100 million in aggregate gross proceeds or (ii) approval
of at least (a) holders
of 66 %
of the Series A convertible
preferred stock, voting as a single
class on an as - converted basis; (b) holders
of a majority
of the Series B convertible
preferred stock, voting as a single
class on an as - converted basis; (c) holders
of a majority
of the Series D convertible
preferred stock, voting as a single
class on an as - converted basis; and (d) the holders
of at least a majority
of the then outstanding shares
of convertible
preferred stock (voting together as a single
class and not a separate series, and on an as - converted basis).
on a pro forma basis, giving effect to (i) the automatic conversion
of all
of our outstanding shares
of convertible
preferred stock other than Series FP
preferred stock into shares
of Class B common
stock and the conversion
of Series FP
preferred stock into shares
of Class C common
stock in connection with our initial public offering, (ii)
stock - based compensation expense
of approximately $ 1.1 billion associated with outstanding RSUs subject to a performance condition for which the service - based vesting condition was satisfied as
of December 31, 2016 and which we will recognize on the effectiveness
of our registration statement in connection with a qualifying initial public offering, as further described in Note 1 to our consolidated financial statements included elsewhere in this prospectus, (iii) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid - in capital
of $ 187.2 million in connection with the withholding tax obligations, based on $ 16.33 per share, which is the fair value
of our common
stock as
of December 31, 2016, as we intend to issue shares
of Class A common
stock and
Class B common
stock on a net basis to satisfy the associated withholding tax obligations, (iv) the net issuance
of 7.6 million shares
of Class A common
stock and 5.5 million shares
of Class B common
stock that will vest and be issued from the settlement
of such RSUs, (v) the issuance
of the CEO award, as described below, and (vi) the filing and effectiveness
of our amended and restated certificate
of incorporation which will be in effect on the completion
of this offering.
in the case
of our directors, officers, and security holders, the conversion or reclassification
of our outstanding convertible
preferred stock or other
classes of common
stock into shares
of Class B common
stock in connection with this offering and the conversion
of Class B common
stock to
Class A common
stock in accordance with our restated certificate
of incorporation, provided that any such shares
of Class A common
stock or
Class B common
stock received upon such conversion or reclassification shall remain subject to the restrictions set forth above;
the conversion
of all outstanding warrants to purchase shares
of convertible
preferred stock into warrants to purchase the same number
of shares
of Class B common
stock immediately prior to the completion
of this offering;
The pro forma consolidated balance sheet data gives effect to (i) the automatic conversion
of all
of our outstanding shares
of convertible
preferred stock other than Series FP
preferred stock into shares
of Class B common
stock and the conversion
of Series FP
preferred stock into shares
of Class C common
stock in connection with our initial public offering, (ii)
stock - based compensation expense
of approximately $ 1.1 billion associated with outstanding RSUs subject to a performance condition for which the service - based vesting condition was satisfied as
of December 31, 2016 and which we will recognize on the effectiveness
of our registration statement in connection with this offering, as further described in Note 1 to our consolidated financial statements included elsewhere in this prospectus, (iii) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid - in capital
of $ 187.2 million in connection with the withholding tax obligations, based on $ 16.33 per share, which is the fair value
of our common
stock as
of December 31, 2016, as we intend to issue shares
of Class A common
stock and
Class B common
stock on a net basis to satisfy the associated withholding tax obligations, (iv) the net issuance
of 7.6 million shares
of Class A common
stock and 5.5 million shares
of Class B common
stock that will vest and be issued from the settlement
of such RSUs, (v) the issuance
of the CEO award, as described below, and (vi) the filing and effectiveness
of our amended and restated certificate
of incorporation which will be in effect on the completion
of this offering.
In connection with this offering, the warrants to purchase shares
of our Series B and Series C convertible
preferred stock will convert automatically into warrants to purchase a like number
of shares
of our
Class B common
stock.
Based on shares outstanding as
of December 31, 2016, on the closing
of this offering, we will have outstanding a total
of shares
of Class A common
stock, shares
of Class B common
stock, and shares
of Class C common
stock, assuming no exercise
of outstanding options, and after giving effect to the conversion
of all outstanding shares
of our
preferred stock into shares
of Class B common
stock on the closing
of this offering and the sale
of Class A common
stock by the selling stockholders in this offering.
On the closing
of this offering, our CEO will receive an RSU award, the CEO award, for shares
of Series FP
preferred stock, which will become an RSU covering an equivalent number
of shares
of Class C common
stock on the closing
of this offering.
Assuming the conversion
of all outstanding shares
of our convertible
preferred stock into shares
of our
Class B common
stock, which will occur immediately prior to the completion
of this offering, as
of March 31, 2015, there were outstanding:
On the closing
of this offering, our CEO will receive an RSU award, or the CEO award, for shares
of Series FP
preferred stock, which will become an RSU covering an equivalent number
of shares
of Class C common
stock on the closing
of this offering.
The pro forma column reflects (a) the redesignation
of our outstanding common
stock as
Class B common
stock in 2015, (b) the automatic conversion
of all shares
of our convertible
preferred stock outstanding as
of March 31, 2015 into shares
of our
Class B common
stock, (c) the automatic conversion
of the convertible
preferred stock warrants to
Class B common
stock warrants, and the resulting remeasurement and assumed reclassification
of the redeemable convertible
preferred stock warrant liability to additional paid - in capital, and (d) the filing and effectiveness
of our restated certificate
of incorporation.
In connection with the closing
of this offering, these shares
of Series D convertible
preferred stock will convert into 19,433,258 shares
of Class B common
stock.
The tender offer was completed on March 4, 2013 with a total
of $ 59.6 million worth
of shares
of our common
stock and
Class A junior
preferred stock being purchased.
all issued and outstanding shares
of convertible
preferred stock and common
stock of various
classes would be converted into shares
of common
stock.
The BEV, which was derived from the proposed tender offer transaction price
of $ 17.00 per share
of our common
stock and
Class A junior
preferred stock, was then allocated to our capital structure using the Black -
We anticipate that, after consummation
of the transactions contemplated by the 2014 Recapitalization and upon the closing
of this offering, only the Post-IPO Note, and none
of the Related - Party Notes or the Related - Party Warrants, would remain outstanding, and all
of our issued and outstanding shares
of convertible
preferred stock and common
stock of various
classes would be converted into shares
of common
stock.
We anticipate that, after consummation
of the transactions contemplated by the 2014 Recapitalization Agreement and upon the closing
of this offering, only the Post-IPO Note, and none
of the Related - Party Notes or the Related - Party Warrants, would remain outstanding, and all
of our outstanding shares
of convertible
preferred stock and common
stock of various
classes would be converted into shares
of common
stock.
We anticipate that, after consummation
of the transactions contemplated by the 2014 Recapitalization Agreement and upon the closing
of this offering, only the Post-IPO Note, and none
of the Related - Party Notes or the Related - Party Warrants, would remain outstanding, and all
of our issued and outstanding shares
of convertible
preferred stock and common
stock of various
classes would be converted into shares
of common
stock.
The BEV, which was derived from the tender offer transaction price
of $ 17.00 per share
of our common
stock and
Class A junior
preferred stock, was then allocated to our capital structure using the Black - Scholes option - pricing model.
I've decided to call this type
of Series A
preferred stock «upgradeable» (after recently realizing that there are economy
class plane tickets that aren't upgradeable despite having system - wide upgrade certificates).
A large portion
of your premiums payments will be invested in the insurance company's investment fund in whatever asset
class you
prefer (
stocks, bonds, mutual funds, money market funds, etc.) Over time, this has the chance to generate a much larger cash value in your insurance account than a traditional whole life policy does.
However, companies offer two
classes of stock: common and
preferred.
As mentioned in J.R.'s post: «While it is easy to relate the performance
of preferred stock and long - term bonds to interest rate changes, the two asset
classes have shown a low correlation to each other over the last three years.
The current trend for most
of the asset
classes is higher —
stocks,
preferreds, bonds, real estate investment trusts (REITs).
The bond characteristics
of preferred stock has, at least for the time being, become the «Mr. Hyde»
of the asset
class.
The overalll market capitalization
of preferred stock is very small as compared with other core asset
classes.
At that time, the
Class A
preferred stock of NCB previously held by the United States was converted into
Class A subordinated notes as
of December 31, 1981.
A broad ensemble
of global income investments, the Fund seeks value opportunities across both traditional investment - grade and high - yield bond sectors and nontraditional asset
classes, including convertibles,
preferred stocks, non-U.S. sovereign and corporate debt and floating - rate loans.
Some
of the older options included small - cap
stocks,
preferred shares, and real estate investment trusts (REITs), but I switched to recommending a three - ETF portfolio covering only the core asset
classes.
Bonds and other debt obligations, fixed - rate capital securities and
preferred stock that are considered senior to common
stock within an entity's capitalization structure and therefore have a higher priority to repayment than another bond's claim to the same
class of assets.
Mr. Stephensen goes on to say that his
preferred route for investing in this asset
class is through
stocks of commodity - producing companies.
Steve's practice includes private placements and other sales and purchases
of debt or equity securities; mergers, asset acquisitions and sales; formation and representation
of private equity funds, venture capital funds and hedge funds; entity selection and formation (including drafting complex limited liability company and partnership agreements and corporate charters having multiple
classes of common and
preferred stock); and general contract review.
Realty Income Corp. priced a public offering
of 8.8 million shares
of its monthly income
class «E» cumulative redeemable
preferred stock at $ 25.00 per share.
In return, Treasury received a
class of «senior»
preferred shares that paid a 10 percent dividend, along with warrants to acquire nearly 80 percent
of the companies» common
stock.