other material
confidence high
sentiment neutral
materiality 0.50
Ocean Thermal Energy sells two Series E Preferred shares for $20k, authorizes up to 150 shares
Ocean Thermal Energy Corp
- Sold two Series E Preferred shares at $10,000 each to two private investors, exempt under Section 4(a)(2) and Regulation D.
- Board authorized up to 150 Series E Preferred shares with $10,000 liquidation value and 8% cumulative dividend payable in cash or common stock.
- Conversion triggers: PPA or commercial contract, change of control, or significant public offering; conversion at 0.5x 10-day VWAP.
- Company may redeem Preferred Shares after two years; limited voting rights on senior shares, term changes, redemption, or bankruptcy.
- Proceeds to fund operations and strengthen balance sheet.