AVERILL ROBERT G 4
4 · Axion Power International, Inc. · Filed Jan 6, 2010
Insider Transaction Report
Form 4
AVERILL ROBERT G
Director10% Owner
Transactions
- Conversion
Common Stock
2009-12-23$0.99/sh+252,912$250,383→ 1,834,890 total - Conversion
8% Convertible Senior Preferred Stock
2009-12-23−25,000→ 0 totalExercise: $1.43→ Common Stock (252,912 underlying)
Footnotes (3)
- [F1]The conversion price of the 8% Convertible Senior Preferred Stock was reset from $2.00 per share to approximately $1.43 per share. Also the Company, with reported losses since inception, did not formally declare dividends and accrued $110,440 in undeclared dividends through the date of conversion. Thus the value of the derivative shares increased over time by both the accrued dividends and the price reset. The initial purchase of 25,000 8% Convertible Senior Preferred shares at an initial conversion price of $2.00 per share translated into 125,000 derivatives securities on the date of acquisition. Thus an equivalent of 127,912 shares was effectively acquired on the date that these 8% Convertible Senior Preferred Shares were converted into the Company's common stock.
- [F2]Based on the initial investment of $250,000 on March 18, 2005, the reporting Person's effective cost is approximately $0.99 per share.
- [F3]There is no fixed expiration date