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Strategies & Market Trends : Steve's Channelling Thread

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To: xcr600 who wrote (5867)	10/4/2000 10:23:38 PM
From: Zeev Hed	Read Replies (2) of 30051

xcr, the terms of the financing actually indicate to me that a rally above about $20 should be in the card. The semifloorless clause does not kick in for 9 months, hedging (shorting) by the converts under the ceiling of $16.95 is not rational, they will want to hedge at least 20% above the ceiling, and they typically get what they want. Wait for an organized stream of news release to help the engineering efforts. Furthermore, the issue is not floorless, it has a floor if $10.5, the stock should be kept well above this floor (if the market is willing) until at least few months before the variable conversion formula can take place. With the $37.5 MM in their coffers, SCON should have at least 6 quarters of burn rate before they need any cash. Hopefully, during this period, they should be able to start and deploy some of their filters. Just my opinion of the situation. Zeev

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