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Technology Stocks : Nanophase Technologies (NANX)
NANX 1.733-1.0%Apr 7 5:00 PM EST
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To: Will Lee who wrote (77)1/18/1998 11:58:00 AM
From: Mark Pritikin  Read Replies (2) of 322
 
In August 1997, Nanophase completed a private placement at $5.18/share. That round of financing prior to the IPO included investors such as the founders of U.S. Robotics and America Online.

Today, the stock is basically back at the same price that insiders got in at last August, but the risk is much lower. The company is now publicly traded and has $30 million or so in capital from the IPO. The supply agreement with Phillips announced in December is expected to produce minimum revenues of $2.7/year. While we don't know the details of the new supply agreement with CEM, they are clearly more capable of producing sales for NANX than tiny Moyco. While we don't know the details yet of the agreement with the Japanese distributor, we do know that they were willing to pay a $1.4 million licensing fee.

Perhaps the private placement investors overpaid, but more likely the market has overeacted to the downside in the same way it previously overeacted to the upside.
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