Panda filed an S-3/a prospectus yesterday to register some shares to
be sold by its touts, the International Investor relations Group.
If anybody had any doubts that tthe IIRG is motivated to hype the
stock of this two-bit company, this should make it crystal clear.
here's an excerpt:
SELLING SECURITYHOLDERS
All of the shares of Common Stock of the Company offered hereby are
being sold by the Selling Securityholders named below. The Company will
receive none of the proceeds from the sale of shares offered hereby. To
the best knowledge of the Company, none of the Selling Securityholders
beneficially owns 5% or more of the Company's outstanding Common Stock
and none of the Selling Securityholders has held any office or
maintained any material relationship with the Company or its
predecessors or affiliates over the past three years.
The following table sets forth information concerning the
beneficial ownership of shares of Common Stock by the Selling
Securityholders as of September 30, 1997 and the number of such shares
included for sale in this Prospectus, assuming the sale of all Shares
being offered by this Prospectus. The Common Stock offered hereby
consists of (i) 42,667 and 27,429 shares, respectively, issuable upon
the exercise of warrants (the "Warrants") granted by the Company to
Dusseldorf Securities Limited and Jefferies & Company, Inc. in
connection with a private placement by the Company of subordinated
convertible debentures completed on April 14, 1997, and (ii) up to
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36,924 shares (the "IIRG Shares") issuable to International Investor
Relations Group, Inc. pursuant to a consulting agreement dated June 9,
1997 (the "Consulting Agreement"). The Warrants are exercisable during
the period beginning April 14, 1997 and ending April 2, 2002 at exercise
prices of $6.75 per share, in the case of the Warrant issued to
Dusseldorf Securities Limited and $7.00 per share, in the case of the
Warrant issued to Jefferies & Company, Inc. Of the IIRG shares, 18,462
have been issued as of the date hereof and, unless the Consulting
Agreement is terminated, 9,231 shares shall be issued to IIRG on each
of March 6, 1998 and June 6, 1998.
Shares Shares
Owned Shares Owned
Selling Prior to Offered After
Securityholders Offering Hereby Offering
--------------- -------- ------- --------
Dusseldorf Securities
Limited 73,585 42,667 30,918
Jefferies & Company, Inc. 24,429 24,429 --
International Investor
Relations Group, Inc. 36,924 (1) 36,924 (1) --
--------
(1) Assumes issuance by the Company of all of the IIRG Shares. |
