As a note, most thread discussion about VNCI is taking place on a VNCI Yahoo site. I've posted extensively there on the warrants. I post on Yahoo under the name spaghettiparty. If you do a search on my name there, you'll discover lots of info. Good luck!
Your question? Here's the info on the warrants:
PRIVATE PLACEMENT OF UNITS -- AUGUST 2000
On August 25, 2000, the Company completed a private placement (the "Private Placement") of
1,760,000 units, each unit consisting of one share of common stock and one warrant ("Warrant"), at
a price of $1.50 per unit. Net proceeds of this private placement were $ 2,201,358. The units were
not separately certificated, and the Company did not issue any separate units as securities in the
Private Placement. The Warrants entitle the holder to purchase one share of the Company's common
stock for an initial exercise price of $4.00 during the period from February 26, 2001 to June 15,
2004, subject to prior redemption. The Warrants are identical to the Company's outstanding Public
Warrants to purchase up to 4,600,000 shares of the Company's common stock at an initial exercise
price of $4.00 per share, which are currently trading on The Nasdaq SmallCap Market under the
symbol "VNCIW," except that, pursuant to the terms of the securities, the Warrants may not be
exercised until February 26, 2001. The Company may redeem the Warrants at any time after
February 26, 2001 so long as they are the subject of an effective registration statement filed with the
Securities and Exchange Commission (the "Commission"), at a price of $.01 per Warrant on not less
than 30 days' prior written notice if the last sale price of the common stock has been at least 200%
of the then exercise price per Warrant (initially $8.00) for the 20 consecutive trading days ending on
the third day prior to the date on which the notice is given.
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