upndn - I did a little digging in the 10-KSB report, and as of 12/31/96 this was the capital structure of BNGO.
"Stockholders' equity (Notes 2 and 13):
Preferred stock - $.01 par value
Authorized and unissued - 1,000,000 shares
Common stock - $.001 par value
Authorized - 20,000,000 shares
Issued and outstanding - 4,162,494 shares "
These numbers were the same on 3/31/97 as per the 10-QSB report filed with the SEC, and as you can see there were preferred shares authorized, but no shares were issued and outstanding as of 3/31/97. In the 6/30/97 10-QSB the only number that is different is the common shares outstanding had increased to 4,645,919.
At the time of the PlazaCorp financing announcement BNGO reported the following in the 8-K filing:
"On August 4, 1997 the Company completed a $2.0 million equity financing with Plazacorp, Inc. The Company issued 2,000 Preferred Series A shares, $.01 par value, at the price of $1,000 per share. After financing commissions and legal and accounting fees, the Company netted approximately $1.82 million from this financing. The Company plans to use these funds primarily for acquisition costs.
The Company intends to register these securities under Form S-3. ThePreferred Shares bear interest at 7% per annum and are convertible into common shares under a variable pricing formula between $4.00 and $5.50 per share. Under this formula, the Company expects to issue a minimum of 363,636 shares and a maximum of 500,000 shares. The shares are convertible in four blocks as follows:
Date Percent Amount
- ----------------- -------- ----------
<S> <C> <C>
November 2, 1997 15% $ 300,000
December 17, 1997 25% $ 500,000
January 31, 1998 30% $ 600,000
April 1, 1998 30% $ 600,000
- ----------------- -------- ----------
TOTAL 100% $2,000,000
Where the "B" warrants came from, I will dig a little further.
MT |
