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Technology Stocks : EGLO Executive Telecard
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To: Captain James T. Kirk who wrote (129)1/10/2000 10:21:00 AM
From: Dako  Read Replies (1) of 300
 
Yes, you should hang on for this ride, which will resemble that of an elevator shaft. EGLO has 11 different outstanding convertible preferred issues outstanding which if converted will add 23 million shares to the 24.8 million currently outstanding. There are also millions of warrants including 1.4 million at 1 cent per share and 5 million at $1/share as of Sept 30.

EGLO said it needed to raise $15 million in the fourth quarter (it raised $2 million via a you guessed it--a convertible preferred) and said it would need another $30 million in the first half of this year. It is burning through cash like Imelda Marcos buys shoes.

This dubious announcement will help get some of the preferreds converted who sell to sucker buyers and give the company a slim chance of doing some more massively dilutive financings.

EGLO will trade close to 6 by the end of the week. Quite a steep price for those hanging on for the ride.
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