Joe,
there are even more ETYS shares out than previously estimated.
>>>>>>>>>>>>>
As of December 14, 2000, eToys had converted 7,224 shares of its Series D
Convertible Preferred Stock, with an aggregate stated value of $72.2 million,
into 36,004,597 shares of the company's common stock, representing an average
conversion rate of $2.01 per share of common stock. As of December 14, 2000, the
company had an aggregate of 159,641,126 shares of common stock outstanding.
....
As of December 5, 2000, 7,183 series D preferred shares, with an
aggregate stated value of approximately $71.8 million, had been converted into
35,581,563 shares of our common stock, representing an average conversion price
of $2.02 per share of common stock.
<<<<<<<<<<<<<<<<<<<<
and further:
>>>>>>>>>>>>>>>>>>>>
For example, the number of shares of common stock that we would be required
to issue upon conversion of the 2,817 series D preferred shares outstanding as
of December 5, 2000, excluding shares issued as accrued dividends, would
increase from approximately 21.8 million shares, based on the applicable
conversion price of $1.2925 per share as of December 5, 2000, to approximately:
- 29.1 million shares if the applicable conversion price decreased 25%;
- 43.6 million shares if the applicable conversion price decreased 50%; or
- 87.2 million shares if the applicable conversion price decreased 75%.
<<<<<<<<<<<<<<<<<<<<<<<<
Calculus:
2,776 (Dec 14 Number) Preferred shares out == $27.76MM
converts into 148 Million additional common shares. (stock price at 18.75 cents).
The 41 preferred shares (converted between Dec 5 and Dec 14) were good for 423 thousand common shares which was a conversion price of $0.969,.... |
