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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (15476)10/27/1999 5:52:00 PM
From: kolo55  Read Replies (2) of 27311
 
Looks like a last blow-out attempt...

... to drive the stock price down.

This morning I posted: "Note that I believe CC has sold short 800k of the 1010k they would receive from the series B if it converted at today's conversion price. This is if the big recent selling through JPMS is due to CC and cohorts. CC is likely almost finished hedging the series B, and will need to convert if the stock price strengthens above 5.00, since their average short price is less than 5.00 against the series B."

I believe JPMS sold or shorted about 150-170k shares today, so now CC is likely down to less than 50k shares (or less) left unhedged from the 1.02 million shares they get from the remaining Series B. The intense selling in the last three hours seems to be a last sell through to move the conversion price down.

Since Oct 8, JPMS has sold somewhere around 750-800k shares. My share count assumes that this is part of CC's hedging operations. The share count is too high to be the interim financier, and the company officials claim the interim financier denies being this big seller. There isn't anyone else who could sell this large number of shares in the manner they were sold.

The rest of this week, and next week, should be especially interesting. There is a chance that CC will convert tomorrow, if they finished selling today. One of the lowest six prices drops out of the conversion price by tomorrow noon.

The interim financing is due soon, and I will be very interested to see how many shares are picked up by the interim financier.

Paul
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