The Louisiana Certificate of Designation refers to a legal document that outlines the specific preferences and rights granted to the holders of Series B Junior Cumulative Convertible Preference Stock issued by Onyx Energy Company, a Louisiana-based energy corporation. This document is crucial in defining the terms and conditions associated with this particular class of stock, ensuring transparency and establishing the rights and privileges of shareholders. The Series B Junior Cumulative Convertible Preference Stock is a specific type of stock offered by Onyx Energy Company, which combines elements of both equity and debt. This series of stock holds certain distinct features and benefits that differentiate it from other securities offered by the company. Some key preferences and rights granted to holders of the Series B Junior Cumulative Convertible Preference Stock include: 1. Dividend Preference: Holders of this stock have a priority claim over common stockholders when it comes to dividend distributions. They are entitled to receive a fixed dividend amount before any dividends can be paid to holders of common stock. 2. Cumulative Dividends: If Onyx Energy Company fails to pay dividends to the holders of the Series B Junior Cumulative Convertible Preference Stock in any given period, the unpaid dividends accumulate and must be paid before any dividends can be distributed to common stockholders. 3. Convertibility: The Series B Junior Cumulative Convertible Preference Stock can be converted into a predetermined number of common shares of Onyx Energy Company at the option of the shareholder. This conversion option provides investors with the flexibility to benefit from potential future appreciation in the value of common stock. 4. Junior Status: The Series B Junior Cumulative Convertible Preference Stock ranks below other senior securities, such as secured debt, in terms of priority during liquidation or bankruptcy scenarios. This means that the holders of this stock have a lower claim on the company's assets compared to other creditors. It is important to note that the description above pertains to the Series B Junior Cumulative Convertible Preference Stock of Onyx Energy Company specifically. Onyx Energy Company may issue different series or classes of stock with varying terms, preferences, and rights. Other series of preference stock may have their own designations, preferences, and rights clearly defined within their respective Louisiana Certificate of Designations. To gain a comprehensive understanding of the specifics of any other series of stock issued by Onyx Energy Company, it is necessary to refer to the corresponding Louisiana Certificate of Designation for that particular class, which will outline the unique preferences and rights associated with each series.
Louisiana Certificate of designation, preferences and rights of Series B junior cumulative convertible preference stock of Oryx Energy Company
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A certificate which contains a copy of the board resolution setting out the powers, designations, preferences or rights of a class or series of a class of stock of a corporation (typically a series of preferred stock) if they are not already contained in the certificate of incorporation of the corporation.
The first round of stock made available to the public by a startup is referred to as Series A preferred stock. This type of stock is generally offered for purchase during the seed stage of a new startup and can be converted into common stock in the event of an initial public offering or sale of the company.
In finance, a class A share refers to a share classification of common or preferred stock that typically has enhanced benefits with respect to dividends, asset sales, or voting rights compared to Class B or Class C shares.