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Microcap & Penny Stocks : IATV - ACTV Interactive Television
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To: anthony karpati who wrote (546)9/10/1997 6:37:00 PM
From: Jeff Carroll   of 4748
 
Anthony;

I found this excerpt on page 4 of the edgar report you cited:

<PAGE> 4

ITEM 4. PURPOSE OF TRANSACTION.

Preferred Stock held by the Investors was acquired and is held
for investment purposes.

Neither Global nor the Directors have any plans or proposals which relate to or would result in transactions of the kind described in paragraphs (a) through (j) of Item 4 of Schedule 13D, except that Global may from time cause the Investors to acquire Common Stock for investment purposes by converting shares of Preferred Stock, or otherwise, and may from time to time sell shares of Common Stock long or short in the market or in negotiated transactions.

Item 5. Interest in securities of the issuer.

a) Preferred Stock may be exchanged for the number of shares of Common Stock determined by dividing (i) $25 multiplied by the number of shares of Preferred Stock being exchanged, plus accrued and unpaid dividends on such shares, by (ii) an exchange price equal to a specified percentage (decreasing in monthly increments from 86% in January, 1997 to 69.625% in September, 1997 and thereafter) of the lesser of (x) the market price per share of Common Stock at the time of the exchange or (y) in the case of exchanges taking place on and
after September 1, 1997, the average market price per share of Common Stock for the month of August, 1997. Consequently, the number of shares of Common Stock for which the Investors' Preferred Stock may be exchanged is not fixed until the time of the exchange.

###

This says to me that the conversion price is now fixed at 69.625% of the average price for august like Atheist has been saying, because it is after sept 1.

Jeff

P.S. Anybody know what the size of the float is likely to be after this next round of financing?

jc
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