Wish we'd do something like this...
BERKELEY, Calif.--(BW HealthWire)--Dec. 18,
1998--BioTime, Inc. (Nasdaq:BTIM - news) announced today that it has filed a registration statement with the Securities and Exchange Commission to offer up to 501,629 common shares through a rights offering to its existing shareholders.
BioTime has set January 5, 1999 as the tentative record date for determining shareholders entitled to receive the rights. The rights will entitle holders to purchase new shares at a discount from the market price. The subscription price per share has not yet been set but will not be greater than 66.67% of the average of the last sale price of the common shares in the Nasdaq National Market for the last
five trading days preceding the commencement of the offer.
The rights offering will provide BioTime the opportunity to raise additional capital without diluting the ownership interests of existing shareholders who exercise their rights, and without paying
underwriting commissions and expenses. Shareholders who exercise their rights will be able to purchase shares at a price below market, without incurring broker's commissions, and will be able to maintain their pro rata share of the Company's equity.
Shareholders who fully exercise their rights will also be entitled to the additional privilege of purchasing, subject to certain limitations and allocation, any common shares not acquired by holders of rights who allow their rights to expire unexercised. In addition, if the rights offering is over-subscribed, up to 250,000 additional common shares may be allocated and sold to shareholders who exercise the over-subscription privilege.
The rights will be freely tradeable, and BioTime expects that the rights will be listed for trading on Nasdaq. The Company expects that the rights will trade for 21 days or longer if the offer is extended.
biz.yahoo.com
Something like this sure would save some dilution.
Merry Christmas and Happy New Year
Terry |
