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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Rich Wolf who wrote (14221)9/3/1999 12:48:00 PM
From: Zeev Hed  Read Replies (1) of 27311
 
Rich, I think that the $4.35 window is not going to close at all for VLNC due to the most "referreed" lender clause, now that VLNC arranged for a private placement of stock under the prior ceiling, the new ceiling could be construed as the ceiling. I am not sure about that, since I do not have the S-3 before me, but from memory this is my understanding. It is also quite a typical one in such situations. Maybe that is the pound of flesh that Paul was talking about, they may be asking that VLNC register additional shares to cover the new ceiling.

Zeev
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