Could be some more left.
(a) Class A Warrants.
As of November 1, 1997, the Company still had outstanding 902,525 publicly traded Class A Warrants (the "Class A Warrants"), each Class A Warrant entitling the holder thereof to purchase one (1) share of Common Stock of the Company at an exercise price of $10.00 per share. The Class A Warrants were scheduled to expire, pursuant to their original terms, on July 19, 1997. On July 1, 1997 such expiration date was extended to November 3, 1997. Prior to November 1, 1997, 297,475 of the 1,200,000 outstanding Class A Warrants had already been exercised.
...
This is the second extension of the expiration date of the Class A Warrants which were originally scheduled to expire on July 19, 1997, Dr. Katz stated that there will not be any further extensions of the expiration date of the Class A Warrants beyond December 31, 1997. Dr. Katz also stated that close to 300,000 of the 1,200,000 outstanding Class A Warrants have already been exercised.
After today's bomb, I suspect we could see another 100,000 or so coming tomorrow. Of course, this seems irrational to me, because they could have been exercised over the last few weeks in smaller blocks for a larger value. But, given the fact that the expiration date was extended a few months ago because folks didn't realize that they could "exercise the warrants when the price was higher" perhaps it's not so surprising.
Peter |
