Rajiv - I agree re SCII. net2W's tech description is replete with the right type of wireless buzzwords. I'm not qualified to evaluate the technology.
From the S-4 - the following shares to be issued on the merger include:
Common stock, par value $0.001 19,295,060 $1.42
Common stock issuable on the exercise of options and warrants 14,766,649 $2.03
The offering price is approx $ 57,000,000
Sensar will issue 18,295,060 shares of common stock to the holders of equity interests in Net2Wireless and 1,000,000 shares of common stock to certain individuals involved in introducing Sensar and Net2Wireless. In addition,
Sensar will grant options and warrants to acquire up to 14,766,649 shares of common stock to the holders of similar options and warrants to acquire shares of Net2Wireless stock.
The S-4 is a big document and I want to digest it. One of the principals of N2W is also a director of Checkpoint - the name escapes me for the moment but being a director of a credible company does not necessarily preclude one from being involved in a pump and dump.
I believe timing may be crucial on this one and agree that there will be timed NR's to allow a graceful institutional and insider dump. However, certain questions come to mind:
1. Insiders can dump without filing S-8's (I think that's the one) with the SEC - a quick search shows no insider planned sale. Did I miss something?
2. A very very quick read of the 10_K gives no indication of the planned completion of the merger. Tentative scheduling of the special shareholders meeting is for June 16, 2000. Anyone planning to attend?
Well, that's all that comes to mind for now. I have some reading to do. |
