AF OCEAN INVESTMENT MANAGEMENT Co 4
4 · AF OCEAN INVESTMENT MANAGEMENT Co · Filed Jan 6, 2015
Insider Transaction Report
Form 4
FAN ANDY Z
DirectorPresident10% Owner
Transactions
- Other
Series A Convertible Preferred Stock
2014-07-24+5,000,000→ 5,000,000 total→ Common Stock (75,000,000 underlying)
Footnotes (2)
- [F1]The 5,000,000 shares of Series A Convertible Preferred Stock were issued to the reporting person in exchange for the transfer of intellectual property in the form of non-patented technology relating to a new energy electric vehicle based on electromagnetic induction (the "Technology") from an entity the reporting person controlled to a wholly-owned subsidiary of Issuer. The Technology has an assessed value of approximately $90 million, as determined by a Chinese government licensed independent third-party. Each share of Series A Convertible Preferred Stock has a preferred liquidation value of $15.00, has super voting rights equivalent to 100 shares of Issuer's Common Stock and is convertible into 15 shares of Issuer's Common Stock. The 5,000,000 shares of Series A Convertible Preferred Stock issued in exchange for the Technology have an aggregate preferred liquidation value of $75 million.
- [F2]The Series A Convertible Preferred Stock is convertible at any time and has no expiration date.