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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Roger A. Babb who wrote ()2/25/2000 11:44:00 AM
From: Jonathan Babb   of 18691
 
NEOT, floorless convertible up 50% in last couple of days

Anyone paying attention to NEOT? Can you figure out the
terms of their latest financing, very confusing:

sec.gov

excerpt:

The number of shares of common stock issuable at each vesting date under the adjustable warrants, if any, will be determined by a formula in the adjustable warrant and is based on the 10 lowest closing bid prices of our common stock during the 30 consecutive trading days preceding each vesting date. A greater number of shares of common stock are issuable the lower the price of our common stock. However, if the average of the 10 lowest closing bid prices of our common stock during the 30 consecutive trading days preceding a vesting date exceeds approximately $13.25 per share, then no shares are issuable pursuant to the adjustable warrants for that vesting date. In addition, if at any time each of (a) the average of the closing bid prices of our common stock for 30 consecutive trading days exceeds $17.74 and (b) the closing bid price of our common stock exceeded $17.74 for at least 10 of those 30 days, then no shares will vest pursuant to the adjustable warrants for any subsequent vesting date. We also have the option at the time of the first vesting date to redeem up to one half of the shares of common stock sold to the selling stockholders on November 19, 1999, and thereby cancel the second vesting. The adjustable warrants expire if not exercised by August 15, 2000.
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