Additionally, with the completion of a pending reverse 12-for-1 split, the conversion of all previously existing outstanding preferred shares into common stock, and the elimination of anti-dilution provisions for all legacy shareholders, we have put the Company's capital structure in a form that will more readily lead to significant interest from both institutional investors and analysts," Thebes said. "Force Protection expects to file for a listing on a national exchange during the first calendar quarter of 2005."
Atlanta-based HPC Capital Management Corporation acted as the placement agent. The lead investor was the Palisades Master Fund. Under the terms of the financing, the preferred is convertible into common stock of Force Protection at $.32 per share, subject to adjustment based upon a market average price over 60 days.
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