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Technology Stocks : SYQUEST
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To: Dale Stempson who wrote (2964)6/5/1997 4:34:00 PM
From: PerryA   of 7685
 
Re: floor for warrants

Dale, I just looked over the 8-K and the "floor" is actually a moving target. Namely, it is 90% of the most recent price if that is higher than 130% of the 5-day moving average price. The caps are fixed at the levels you indicated.

One thing I was unclear about . . .

It appeared to me that the warrants are not excercisable until 65 days after the holder provides notice, and that the date of notice, rather than the date of excercise, determines the excercise price (greater of 130% of 5-day average price or 90% of most recent price, but not more than $3.0469).

Do you happen to know if this is correct? If so, they could lock in an excercise price lower than the $3.0469 cap without having to actually excercise the warrants for 7 years.

Thanks and Regards - PerryA
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