us-ftc-hsr-informal-interpretations-87e4fd52c547399fca287894aa093cf0•2508008 Informal Interpretation
2508008 Informal Interpretation
us-ftc-hsr-informal-interpretations-87e4fd52c547399fca287894aa093cf02508008 Informal InterpretationGuidance
It is consistent with our guidance that the exercise of a warrant to acquire voting securities is a conversion. The exercise of a warrant does not qualify as a Select 801.30 Transaction unless all the criteria of 801.30(a)(7) are met.
Question
Is the exercise of a warrant to acquire voting securities a “conversion” under 16 CFR 801.30(a)(6)? The warrants in question are not the subject of a currently effective SEC registration statement, so do not fit squarely within the definition of (a)(7).
Assuming the exercise of the warrants described above is a “conversion,” would the warrant itself be an “agreement” that would remove it from the category of a Select 801.30 Transaction?
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