Helix has received a redemption notice from Fletcher International Ltd., the holder of its Series A-1 Cumulative Convertible Preferred Stock and its Series A-2 Cumulative Convertible Preferred Stock, pursuant to which Fletcher elected to redeem 30,000 shares of its Series A-2 Cumulative Convertible Preferred Stock in exchange for 5,938,776 shares of the Company's common stock. Helix expects to complete the redemption in the near future.
The Series A-1 and A-2 Preferred Stock had been previously issued to Fletcher and, in accordance with the terms of each such series, were convertible and redeemable by the holder thereof. The resale of the common stock issuable upon the conversion or redemption of all or any part of each such series is registered pursuant to an effective registration statement filed with the Securities and Exchange Commission.
The shares of Series A-2 Preferred Stock being redeemed by Fletcher represent all of the Series A-2 Preferred Stock outstanding.
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