AVERILL ROBERT G 4
4 · Axion Power International, Inc. · Filed Feb 25, 2010
Insider Transaction Report
Form 4
AVERILL ROBERT G
Director10% Owner
Transactions
- Award
Warrant
2009-12-09+18,421→ 1,218,683 totalExercise: $2.00From: 2009-12-09Exp: 2014-12-08→ Common Stock (18,421 underlying) - Conversion
Common Stock
2010-02-24$0.72/sh+1,937,169$1,400,573→ 3,772,059 total - Conversion
Series A Preferred Stock
2010-02-24−140,000→ 0 totalExercise: $1.07→ Common Stock (1,937,169 underlying)
Footnotes (4)
- [F1]Issued in partial consideration of 30 day secured bridge loan.
- [F2]There is no fixed expiration date.
- [F3]Based on the initial investment of $1,400,000 on October & December 2006, the reporting person's effective cost is approximately $0.723 per share.
- [F4]The conversion price of the Series A Convertible Preferred Stock was reset from $1.25 per share to approximately $1.07 per share. Also the Company, with reported losses since inception, did not formally declare dividends and accrued $670,640 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 140,000 Series A Convertible Preferred shares at an initial conversion price of $1.25 per share translated into 1,120,000 derivatives securities on the date of acquisition. Thus an equivalent of 817,169 shares was effectively acquired on the date that these Series A Convertible Preferred Shares were converted into the Company's common stock.