VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: John Curtis who wrote (14168)	9/2/1999 5:29:00 PM
From: Zeev Hed	Read Replies (3) of 27311

John, could it be that these tranches of $3 MM per month are an "unofficial" floorless funding route, or what we call a leaky floorless equity line. In that scenario, a funder has an agreement (binding or not) in which a company draws from an equity line provided at the then market price. I have not had a chance to analyze the possible outcome of such an arrangement, but if the institutional investor is always the same, by now, if they have not sold any of these shares, they should have more than 5% and an appropriate filing should have been issued. The fact it did not can indicate that each of the last tranches where from different institutions, or the institution was the one buying shares from the company and selling these in the open market (at a loss?). Help me here, John, what is exactly happening? At least, today provided a sorely needed white candle... Zeev

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