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Biotech / Medical : Ligand (LGND) Breakout!
LGND 199.20+0.1%Nov 21 3:59 PM EST
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To: bob zagorin who wrote (29434)11/19/1999 11:38:00 AM
From: J Stone  Read Replies (2) of 32384
 
Bob,

If the stock were in the mid-teens or higher, it would cost less to redeem the warrants. If the stock price were higher now, the probability that the warrants would be worthless come June would be much less. Any warrant having value in June will be exercised. In other words, LGND is ensuring the warrants are exercised now while they're still in the money when they might not be in June. Think of it this way: if the current stock price were $5/share, why would you exercise your warrant to buy a share at $6?

FWIW

Jeff
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