Court Of Chancery Explains Conversion Cap

Posted on November 5, 2010 by Edward M. McNally

ION Geophysical Corporation v. Fletcher International Ltd., C.A. No. 5050-VCP (November 5, 2010)

This decision explains how a  'conversion cap' works to prevent the holders of convertible securities from converting those securities to common stock.  These provisions thereby avoid running afoul of the SEC rules on registering ownership of stock.

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