ChinaNet Online Holdings Announces Information Relating to Conversion of Preferred Shares Into Common Shares Completed in August
ChinaNet Online Holdings, Inc. (Nasdaq: CNET) today issued a statement regarding the conversion of the final 2,367,792 shares of the outstanding Series A preferred shares into common shares which occurred as of August 21, 2011 and the notice of the final dividend payment with respect to its Series A preferred shares.
The statement is to advise that, pursuant to the Certificate of Designations, Preferences and Rights of the 10% Series A Convertible Preferred Stock of the Company, all outstanding shares of Preferred Stock were automatically converted into shares of the Company's common stock (the "Common Stock") as of August 21, 2011.
This conversion represents the remaining outstanding Series A preferred shares, bringing ChinaNet's common shares outstanding to approximately 20.04 million as of September 30 2011.
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