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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Gerald Walls who wrote (741)7/19/1999 9:20:00 PM
From: dumbmoney   of 1438
 
LOCK just did a convertible but it has a floor of $0.50 (LOCK is a $2.50 stock). Does this have the same putrid effect on a stock as a true floorless?

I think it would, but the size of the deal was tiny, so it's a non-event. $400K is only about 1% of market cap (10% is average for these types of things).

Interestingly, the co. only received $265K net proceeds - just 66%. That must be some kind of record.
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