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Non-Tech : Auric Goldfinger's Short List
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To: Peter V who wrote (2197)6/15/1999 9:08:00 PM
From: Rajiv  Read Replies (1) of 19428
 
but what is the effect of MVIS: (a) hitting the conversion, or (b) missing the conversion?


It should go down for both (a) and (b)

Or are they exercisable only by the company and never come onto the market?

I am not sure what you mean... There are around 2.27 MM warrants (part of the IPO in 1996) being traded with the ticker symbol MVISW. MVIS can force conversion (after the 20 days). The warrantholders will have an option of either selling their warrants or exercising them for $12

There will be downward pressure on the stock as
- the artificial support is withdrawn
- the warrantholders sell part of their stock/warrants to raise the $$$ required to exercise the warrants.

In MVIS's case the % of warrants to the # of outstanding shares/float is high enough to be a significant factor. This is meant to be a short-term play. Usually fundamentals don't matter. In fact, the conversion will provide lot of $$$ for MVIS and free it from any future dilutive deals.

Regards.
Rajiv
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