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Biotech / Medical : Paracelsian Inc (PRLN)
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To: paul goldstein who wrote (484)9/16/1996 7:00:00 PM
From: John H. Farro   of 4342
 
Paul,

When I talked to Art Koch at the shareholder's meeting the stock was under 4.75. I think it was under 3, in fact. Art said that the warrants were recallable any time and that the stock did not have to go back over 4.75 for twenty days.

One other point. The warrants allow you to purchase stock from the company for $3.25 per share, not $4.75. This is good if you hold warrants because it means you have to pay less for the shares, or it means you can sell your warrants for a bigger profit if the stock goes to say, $6. However, if the company calls in their warrants they will only get $3.25 times the number of outstanding warrants, not $4.75.

Robin Messing
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