From UNIVEC, INC. filings. Lots of 13Ds for millions of shares.
One of the 13ds has this statement ...
(1) Based on 66,409,943 Shares of the Issuer reported to be outstanding as of
April 9, 1999 plus 2,057,500 shares issuable upon the exercise of currently
exercisable stock options.
An another has this ...
Dilutive Effect of Conversion of Series B and Series C Preferred Stock. If the
holders of the series B and 10
series C convertible preferred stock had converted their shares on March 9,
1999, the conversion rate would have been approximately 1,237 shares of common
stock per share of series B or series C convertible preferred stock. The
conversion would have resulted in the issuance of 1,177,100 shares of common
stock, or approximately 33.9% of the outstanding shares before conversion.
Furthermore, if the market price of our common stock were to decline, we would
be required to issue additional shares on conversion of the series B and series
C convertible preferred stock. Accordingly, the conversion of our series B and
Series C convertible preferred stock could have an immediate and significant
adverse effect on the market price of our common stock and would result in
substantial dilution to other stockholders.
:-)
GB |
