Just pulled this from the latest Avert 10QSB:
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On June 22, 1994, the Company completed an initial public offering
("IPO") of 1,000,000 units ("Units"), each consisting of one share of
Common Stock and one Redeemable Warrant. The Units separated on December
7, 1994, and the Common Stock and the Redeemable Warrants began trading
separately as of that date. Two Redeemable Warrants entitle the holder to
purchase one share of Common Stock at a price of $6.50 per share (subject
to adjustment) for a nine month period originally stated as March 22, 1995
and ending December 22, 1995. On October 11, 1995, the Company announed
that it extended the expiration date of its Redeemable Warrants from
December 22, 1995 to April 30, 1996. The expiration date was further
extended to April 30, 1997, as announced on Form 8-K dated March 6, 1996.
All of the other terms of the Redeemable Warrants remain the same. The
Redeemable Warrants are redeemable by the Company at a redemption price of
$0.05 per Redeemable Warrant at any time commencing March 22, 1995, on at
least 30 days prior written notice, provided that the closing price of the
Common Stock equals or exceeds $7.50 per share for a period of 15
consecutive trading days ending within 15 days prior to the notice of
redemption. Net proceeds from the IPO totalled approximately $4,382,300.
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Does this mean that unless the stock price for AVRT goes up to $7.50 before
April 15th, the warrants are worthless?
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