Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 203.18

-1.4%

Nov 28 9:30 AM EST

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To: Arthur Radley who wrote (29444)	11/20/1999 2:51:00 AM
From: Cheryl Galt	Read Replies (1) of 32384

Regarding liquidity ... For us the new stock is unrestricted. From what it says in the SEC report, it's not clear to me whether the officers would have to file a form 144 before selling any. I quote: "The Company has further been advised that the Shares issued pursuant to the Exchange Offer are not restricted securities and may be resold by the recipients thereof without regard to the limitation of Rule 144 and without such recipients being deemed underwriters for purposes of the Securities Act; except that shares issued in exchange for Warrants that are held by affiliates of the Company will be entitled to tack the period during which such Warrants were held by the recipient prior to the exchange. Accordingly, such affiliates who have held their Warrants for more than one year will be able to sell or transfer the Shares received in exchange for their Warrants in accordance with the volume limitations and manner of sale limitations and other provisions set forth in Rule 144." ------------------- Mud is more clear than that! Does it say that -- because of their long-term holding of the warrants -- there's a Form 144 provision that says they are not restricted by the limitations of Form 144? Who invented Legalese? Spaghetti language :( To what purpose? (as if i didn't know ...) There oughta be a law ... Is their stock restricted or not? (My guess is "not.") Regards, Cheryl

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