Floorless Preferred Stock/Debenture Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Floorless Preferred Stock/Debenture

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: John Liu who started this subject	11/29/2000 3:00:52 PM
From: eric deaver	of 1438

Hey - I got one for you all. Ever hear of "adjustable warrants"? Looks like JAWZ snuck a floorless vehicle past me (stupid me). The 10-Q had different terms outlined than the s-1 but here is what the s-1 says: "In connection with the financing, the investors also received adjustable warrants to purchase a number of shares of our Common Stock, at an exercise price of $.001 per share, to be determined pursuant to a formula that is applied at three separate 40 day adjustment periods commencing between the 150th and 240th day following June 22, 2000. Subject to the terms of each Adjustable Warrant, at each adjustment date, generally, the investors will be entitled to purchase a number of shares of Common Stock, if any, equal to the quotient of (A) 33.33% of the shares purchased, multiplied by the difference between (x) the quotient of $5.00 divided by .89 and (y) the average of the 10 lowest closing bid prices for the Common Stock during the 40 trading day period preceding the applicable adjustment date (the "Adjustment Price"), divided by (B) the Adjustment Price. The investors may cause the adjustable warrants to be redeemed by us at a premium in the event there occurs certain changes in control and other events specified in the adjustable warrants." That makes the formula for this one .33X ((5.61-$)/$) - where X is the number of commons bought and $ is the average of the 10 lowest closing bid prices for the Common Stock during the 40 trading day period preceding the applicable adjustment date (the "Adjustment Price"). Bet you can never guess what happened next... Eric (burned again)

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next