4//SEC Filing
Coates George J. 4
Accession 0001213900-19-003309
CIK 0000948426other
Filed
Feb 27, 7:00 PM ET
Accepted
Feb 28, 2:46 PM ET
Size
13.2 KB
Accession
0001213900-19-003309
Insider Transaction Report
Form 4
Coates George J.
DirectorPresident and CEO10% Owner
Transactions
- Award
Series A Preferred Stock
2019-02-27+638,500→ 654,120 total - Award
Series B Preferred Stock
2019-02-27+900,000→ 13,607,975 totalExercise: $0.00From: 2021-02-28→ Common Stock (900,000,000 underlying) - Award
Series B Preferred Stock
2019-02-27+900,000→ 14,507,975 totalExercise: $0.00From: 2021-02-28→ Common Stock (900,000,000 underlying) - Award
Series B Preferred Stock
2019-02-27+361,021→ 14,868,996 totalExercise: $0.00From: 2021-02-28→ Common Stock (361,021,000 underlying)
Footnotes (3)
- [F1]There is no expiration date.
- [F2]Each share of Series B entitles the holder to 1,000 votes at any meeting where corporate matters are brought before the shareholders for a vote. The Series B is restricted, unregistered stock which is not convertible until the second annual anniversary after the date of issue, after which each share is freely convertible into 1,000 restricted, unregistered shares of common stock. In the event of a sale or change of control of the Corporation, the Series B shall become immediately convertible. The anti-dilution award of Series B Convertible Preferred Stock to Mr. Coates was determined to be the number of shares of Series B required to restore Mr. Coates' ownership percentage of outstanding common stock on a pro forma basis to 80.1%, assuming all of the Series B shares were converted into common stock.
- [F3]Each issuance of new shares of common stock dilutes the voting rights percentage of George J. Coates. The board of directors has adopted a resolution authorizing the issuance of shares of Series A Preferred Stock from time-to-time , on an ongoing basis as needed, to restore his voting rights percentage to 85.7%..Each share of Series A Preferred Stock entitles the holder to 10,000 votes per share on all matters brought before the shareholders for a vote. These shares are not entitled to any dividends and have no liquidation value.
Documents
Issuer
COATES INTERNATIONAL LTD
CIK 0000948426
Entity typeother
Related Parties
1- filerCIK 0001160170
Filing Metadata
- Form type
- 4
- Filed
- Feb 27, 7:00 PM ET
- Accepted
- Feb 28, 2:46 PM ET
- Size
- 13.2 KB