The prospectus filed with the SEC on 6/25 -- see
sec.gov
indicates that there would be 18,908,335 shares outstanding after the sale by ETEC of 250,000 shares in the offering and 500,000 shares directly to Intel in a comtemporaneous private placement ($15,000,000 gross proceeds to ETEC). An additional 635,000 shares may have been sold by ETEC pursuant to an over-allotment option. The remaining 4,100,000 shares sold pursuant to the registration were already outstanding and sold by IBM, Perkin-Elmer, Grumman, Micron, etc. as selling shareholders.
I'm surprised the press release didn't indicate whether the overallotment option had been exercised and the number of shares now outstanding. Could be as high as 19,543,335, with up to an additional $12,700,000 of gross proceeds to ETEC if the option was exercised.
I haven't heard about any cash flow problems. The following is cut from their prospectus MD&A:
"As of April 30, 1996, the Company had cash and cash equivalents and marketable securities of $41.0 million. The Company believes that the net proceeds from this offering and from the concurrent sale of Common Stock to Intel, together with existing sources of liquidity including cash flow from
operations, will provide adequate cash to fund its operations for at least the next twelve months."
Hope this is helpful. |
