My primary ICGE CAVEAT EMPTOR:
I am quoting from page 92 of the 12/15/99 ICGE prospectus (secondary offering):
"After giving effect to restrictions imposed by federal securities laws, including but not limited to Rule 144, contractual restrictions and shares that have been issued upon exercise of outstanding options and warrants, we estimate that additional shares of our common stock will be available for sale in the public market as follows:
Date & Approximate # of Shares Eligible
for Sale
12/6/99 - 1/2000 = = = (822,972) shares
2/2000 = = = (46,035,443) shares
3/2000 - 5/2000 = = = (45,036,139) shares
6/200 = = = (95,784,156) shares
Therafter = = = (40,417,656) shares
Since many of these shares were purchased substantially below current market prices, we believe a significant number of these shares will be sold when eligible for resale."
Assuming the company believes a "significant #" of the 220 million shares will be sold when eligible, then this can only have TREMENDOUS downward pressure upon the stock. Anyone who reads this that doesn't believe the stock could be cut in half from today's trading range is kidding themselves.
Having said that, I love the company. I own it, I continued to own it when I knew the stock would go down with the lockup ending. I just want more of this winner, but I'm waiting for the best opportunity. That's why I continue a daily search for info on insider selling patterns or expectations.
Good luck to all,
advalorem |
