>>>>SAN DIEGO, California (October 23, 1997) - JMAR Industries, Inc. (NASDAQ NM:JMAR) announced today that it received in excess of $3.0 million in freely tradable shares of JMAR common stock from the principal sellers of its California ASIC ("ASIC")<<<
So the sellers of CATS gave $3.0 Mil. in shares back -- on Oct. 23, JMAR was trading at $4.75. That would equal about 531,579 shares. If they got 2,622,433 shares for selling CATs to JMAR, then even with the amount deducted that they gave back, they'd still have over 2 million shares. (Someone better check me on this -- math isn't my strong suit.) If this is correct, they could certainly be selling at least part of what they still own -- although it puzzles me why they'd want to sell NOW. However, maybe they have other pressing needs for cash, so who knows . . . If they keep just half of their shares, they'd still have a big gain if the stock stays above $4/share.
Betty
P.S. Hmmmm . . . the more I think about this, it seems like the sellers of CATS made out like bandits -- and JMAR still owns the same percentage of the company, but got a lot of stock back. Pretty slick -- or am I missing something? |
