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Technology Stocks : CDRD (CD Radio)
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To: Candle stick who wrote (208)9/2/1997 10:03:00 AM
From: Russian Bear   of 904
 
Candle Stick,

I think you are right. Dilution is already here, but not yet on the same order of magnitude that we were anticipating. I have three initial observations:

1) 3.5 million shares represent a 28% increase in the number of shares outstanding, and a much higher percentage increase in the float (maybe, as much as 100%?) This is not a trivial dilution in itself.

2) The stock did not spike on the news of the new $150 million financing and rollover of the November preferred. On the contrary, last time I checked we were at 18.75 by 19, on 34+ thousand shares.

3) It will be interesting to see what price is set for the secondary offering. If it is at a steep discount to the current price (as I suspect it will be,) then we should see a nice decline.
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