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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: manny t who wrote (42661)12/10/1999 11:54:00 AM
From: Mudlogger  Read Replies (1) of 108040
 
Regarding GLMC and NASDAQ

Applied for Nasdaq small cap listing on November 15. Generally takes 30-60 days to get approval. This is the way I see it after reading the last two SEC filings and seeing it transpire:
Standard Radio contract should clear the way for approval. Rose Glen financing, necessary for the listing, was cleared up with the deal. Global was required to exercise their options (notably 273,000 shares at 5 cents a share) and sell them on the open market. Standard was required to purchase the shares at $5.90 in exchange for restricted stock options based on the fair market value of the shares on December 7, which would be about 5. This helps Rose Glen as they don't have to worry about the cheap shares later as they are now restricted and at a $5 dollar option, and the piggy-back clause means they can be negotiated in a secondary IPO should the move be to the National Market. Yesterday's volume was Global fulfilling their end and closing the deal. Market Makers were short having already sold the shares and had been manipulating the stock for their commission.
Read my last three posts on the GLMC subject board to get updated on what I hope to transpire after Nasdaq. Also, Global has submitted a paper regarding their Linux Application to be published in the Linux Journal in January.
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