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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Larry Brubaker who wrote (1220)9/19/2000 11:07:49 AM
From: Souze  Read Replies (1) of 1438
 
Although I'm not able to define 'floorless' this excerpt from the relevant 8-K doesn't sound like it is without a floor:


GLOBALSTAR TELECOMMUNICATIONS LIMITED
COMMON STOCK
-------------------------
This is a public offering of up to $105,000,000 of shares of our common stock.
We may offer and sell these shares from time to time in separate tranches
pursuant to a common stock purchase agreement with Bear Stearns. The price Bear
Stearns will pay us for these shares will be based on one of three formulas,
which we will choose upon each decision to take down a tranche. We may choose to
receive:

- 97 1/2% of the arithmetic average of the closing bid prices,

- 93% of the arithmetic average of the volume weighted average price, or

- 100% of the lowest sale price (excluding sales not meeting certain
criteria)

of our common stock, as reported by the Nasdaq National Market over the two
trading days following our notice, subject to certain exceptions described
herein. See "Prospectus Supplement--Plan of Distribution" beginning on page S-16
for more information. Bear Stearns will sell the shares on the Nasdaq National
Market at prices available in the market or directly to purchasers at negotiated
prices.

Taken from this FreeEdgar-provided SEC filing:

freeedgar.com
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