<<Nanovation will have about 30 million FD when it goes public.>>
Assuming there isn't further dilution. Last year STFD's 9 million shares represented about 80% of the company. If your figure is correct, another 20 million shares have appeared since then. Is there a source that can confirm the 30 million number for the IPO? Do you know what percent is owned by management and what percent will be offered to the public? I'd sure like to know what I was really buying. Right now it looks kind of squishy with STFD's interest getting smaller all the time.
From the April 19,1999 Press release
The investment in Nanovation has resulted in Stamford having paid for 8,966,642 shares of Nanovation as of mid-1998, of which 928,640 shares remain to be issued. In 1998, Stamford owned approximately 79.4% of Nanovation after giving effect to the issuance of the above noted shares. Subsequent to these transactions, Nanovation has issued 1,000,000 shares pursuant to its Series B offering at US$2.25, which would reduce Stamford's ownership of Nanovation to approximately 73%. Nanovation completed a Series A offering of Promissory Notes convertible into approximately 1,266,000 shares of Nanovation at US$2.25 per share. In addition, Nanovation has begun a 1,000,000 share Series C offering at US$5.00. The conversion of the Series A offering and the completion ofthe Series C offering would further reduce Stamford's interest. Stamford has not disposed of any of its Nanovation shares. On February 11, 1999, the Company granted 100,000 stock options at $.55 per share pursuant to its stock option plan. On December 16, 1998, the Company granted 1,300,000 share options at $.40 per share pursuant to its stock option plan. |
