VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: FMK who wrote (12525)	6/30/1999 2:27:00 AM
From: Larry Brubaker	Read Replies (1) of 27311

Fred, your estimate of "1 battery per share" seems quite high. Currently outstanding after recent PP 27.2 million shares Minimum shares of common stock to Castle Creek upon conversion of preferred shares 2.5 million shares (assumes no floorless conversion) Shares reserved for warrants (to Castle Creek, Baccarat...)and options (according to 10-K) 6.5 million shares Total fully-diluted shares (before additional financing) 36.2 million "Immediate additional financing needed" $25 million Assume $25 million raised at a 10% discount to current price (or about $6 per share) = @ 4 million shares Total = >40 million shares Again, assuming no floorless conversion, and assuming they can raise the $25 million they need "immediately" at only a 10% discount to the current price.

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