Cp, SYQT has more than $68 million shares outstanding...
This is from the company's press release on Oct. 30.
<The actual number of common shares outstanding at Sept. 30, 1997,
was 59.9 million shares.
The actual number of common shares outstanding at Oct. 17, 1997,
was 68.3 million shares.>
Please refrain from giving out misleading information. $15 million shares is far less than $68.3 million.
Also, Motley Fool wrote an article Nov. 5:
<Today, SyQuest shareholders voted on a proposal to increase the number of authorized common shares from 120 million to 240 million! Why? According to the proxy, the company has either "issued or reserved for issuance" most of the currently authorized 120 million shares, and management wants flexibility in addressing future corporate needs.
...
Common stock outstanding/issuable 80.9 million
Common issuable upon conv. of warrants 43.5 million
(max. average price: $3 per share)
Common issuable under employee option plan 4.5 million
(average price: $1.40 per share)
Ignoring the employee options for now, it appears that SyQuest is well
on its way to having 123.2 million shares.>
If SYQT had only $15 million shares outstanding today, I'd be buying their stock like mad. Unfortunately, their stock is so diluted that it seems almost impossible for them to achieve positive earnings. I also doubt SYQT are likely takeover victims since there are so many shares out there. Assuming SYQT maxes out the 240 million shares issuable, would any company (in their right mind) be capable of buying SYQT with its market cap of ($3.75 * 240 million) = $900 million!?
JMO,
Kenneth
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