ARGNW...Katie....agree to disagree
Only the Class A common went through the reverse split and not the warrants. It now takes 5 warrants to receive 1 share IMO. Also they have the right to buy back from you the warrants at .05 if prices stays above 5 X $8.75 for 30 days ??? We'll see if the price rises. At current levels a share option for $25 for ~ $1.00 until 2002 is TOO GOOD TO BE TRUE....don't you agree ? LOL
From 10-K405/A Amended Annual Report 4/3/98
In connection with the public offering of Units completed on
February 18, 1997, the Company issued 4,760,000 Class A Warrants to purchase
Class A Common Stock. Each Class A Warrant entitles the registered holder
thereof to purchase, at any time until February 12, 2002, one share of the
Company's Class A Common Stock at an exercise price of $5.00, subject to
adjustment. Commencing February 12, 1998, the Company may, upon 30 days' written
notice, redeem each Class A Warrant in exchange for $.05 per Class A Warrant,
provided that before any such redemption, the closing bid price of the Class A
Common Stock as reported by the Nasdaq SmallCap Market or the closing bid price
on any national exchange (if the Company's Class A Common Stock is listed
thereon) shall have, for 30 consecutive days ending within 15 days of the date
of the notice of redemption, averaged in excess of $8.75 (subject to adjustment
in the event of any stock splits or other similar events). |
