The reality here Pugs is that if any of those 2 million S-8's are out there, it dramatically affects your squeeze. Depending upon how they were issued and received, they could have already been sold.
In order for Riley's number of float to be right, some of them must have already been sold. And you may correct me if I'm wrong, but by my calculations:
Post split shares 3-26-97...............914,401
Company registers 2,000,000 S-8's 4-8-97 and says that 1,656,680 were issued for compensation. The others appear have been released after 5-16-97.
Total outstanding 5-15-97 2,571,081
300,000 were added (144's) according to Riley 10-23-1997
Not even counting Scott Mayer's 200,000 sale, it would appear that at least some of the 2,000,000 are already out there. Why couldn't there be a lot more?
The total outstanding now is 3,371,081. If the entire 2,000,000 were locked up the float could only be 1,371,081.
Riley says it's 1.8 million. You do the math. |
