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The Private Placement Proposal will allow the company to issue and sell 1,800,000 shares of its "Series A" convertible preferred stock and 1,800,000 shares of "Series B" convertible preferred stock. The purchase price of the "Series A" convertible preferred stock is above market at USD9.37 per share (an aggregate of USD16.9m in gross proceeds). The purchase price of the "Series B" convertible preferred stock will not exceed USD16.50 per share (an aggregate of USD29.7m maximum in gross proceeds). A The Stock Issuance Plan Proposal enables the company to issue up to 1,000,000 shares of ADA's common stock in such amounts and on the terms and conditions determined by ADA's board, in order to provide additional funding for its activated carbon (AC) manufacturing facility.
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