upndn
Perhaps "warrants" was the wrong word. Try "options" at 3.69 instead. Regardless, dilutive is the key word.
"The number of shares of common stock outstanding after this offering is based on 21,475,322 shares outstanding as of June 9, 2003, and excludes 3,718,493 shares consisting of:
• 2,844,280 shares issuable upon exercise of outstanding options at a weighted average exercise price of $3.69 per share; and
• 874,213 additional shares of common stock reserved for future grant or issuance under our equity incentive compensation plans.
Unless otherwise indicated, all information in this prospectus assumes no exercise by the underwriters of their over-allotment option to purchase up to 307,500 additional shares of common stock from one of our stockholders, American Medical Technologies, Inc., and up to 67,500 additional shares of common stock from us. Shares purchased by the underwriters to cover over-allotments, if any, will be offered for sale under this prospectus. We will not receive any proceeds from the sale of shares by the selling stockholder."
Question: "they don't need to do the secondary" Then why do it??? 1.3 million in debt payoff hardly seem worth all the trouble. Second question and maybe a bit off key. Brown has been in the dental industry for a long time, knows how the SEC system works and has to go to the SEC for advice on how to recognize revenue?
My comment: They filed for the secondary and got caught playing the books, told that they will have to clean it up before the SEC allows the secondary. Now they are in between a rock and a hard place.
Ken |
