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Technology Stocks : Irvine Sensors
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To: Robet Butkus who wrote (486)2/21/1998 7:14:00 AM
From: ForYourEyesOnly   of 1673
 
Floorless Convertibles?!

I am excited about the digital film. However, I am somewhat concerned about the recent convertibles. Are they floorless? The statement "convertible into approximately" would lead one to think the conversion price is at a discount to the market price.

"Included in
the financings was a private placement of approximately 3.8 million units consisting of preferred
shares convertible into approximately 3.8 million shares of Common Stock of Irvine Sensors
Corporation plus warrants to purchase shares in each of Irvine Sensors' two privately financed and
consolidated operating subsidiaries, NOVALOG, INC. and MicroSensors, Inc. "

For info about the horrors of floorless convertibles, courtesy of Mr. Zeev Hed:

Message 2484375

Best regards,

THC
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