Ann: Arena Statutory Demand, page-38

Not a great scenario.

I'll be interested to see if Arena take cash + shares as per the repayment terms for converted notes:

"The convertible notes attract interest at 11% per annum accruing on monthly balances and are payable in cash or shares with tranche one interest payable in cash only. The notes are convertible at variable strike prices based on the lowest 1-day VWAP of the 20 trading days prior to conversion. Tranche 1 is subject to a floor price of 18 cents per share and tranche 2A 16cents. Upon conversion the Company may choose to either deliver shares or cash equal to the value of the shares."

Further dilution of the dilution ?