563b.330—How do I price my conversion shares?
(a)
You must sell your conversion shares at a uniform price per share and at a total price that is equal to the estimated pro forma market value of your shares after you convert.
(b)
The maximum price must be no more than 15 percent above the midpoint of the estimated price range in your offering circular.
(c)
The minimum price must be no more than 15 percent below the midpoint of the estimated price range in your offering circular.
(d)
If OTS permits, you may increase the maximum price of conversion shares sold. The maximum price, as adjusted, must be no more than 15 percent above the maximum price computed under paragraph (b) of this section.