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Biotech / Medical : Chromatics Color Sciences International. Inc; CCSI
CCSI 29.32+4.6%Oct 31 9:30 AM EDT
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To: Marconi who wrote (5348)6/14/1999 10:57:00 PM
From: Peter V  Read Replies (1) of 5736
 
Anybody notice that CCSI clearly intended to get a rise in its stock price with last week's announcment in order to price the equity financing with Lehman at more favorable terms? A bit of manipulation that apparently backfired? From the PR:

The Class B Series 2 preferred stock is convertible at the option of the Holder into shares of common stock at a conversion price per share which was negotiated to be at a 10 percent discount to the closing price of the Company's common stock at the initial issue date following the recent announcement of the Licensing and Distribution Agreement. Following the recent unexpected decline in the stock price after the announcement, the conversion price was set to be at $7.25 per share, subject to adjustment based on the closing price of the stock on the date of the initial issue (the ''Conversion Price'') and to antidilution provisions.

Then Darby says:

"The recent decline in the stock price was a surprising event, as we believe the pieces are now well in place, with the help of so many loyal supporters, to move forward to a new era for our Company -- one we anticipate will provide revenues, additional management, further domestic and international opportunities, and other commercial applications for our color science technology.''

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