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Technology Stocks : Data Race (NASDAQ: RACE) NEWS! 2 voice/data/fax: ONE LINE!
RACE 328.79-2.2%1:48 PM EST
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To: drakes353 who wrote (27720)2/6/1998 8:59:00 PM
From: jason hu  Read Replies (1) of 33268
 
"100 shares of the initial 5,000 shares of the 1997 series C Preferred stock had been converted into 41,409 shares of Common Stocks"

Drakes, does it mean we are facing an overhang of over 2 million shares throughout the conversion period? That is really scaring and much worse than Axelrod. According to the 10Q, the number of shares of Common Stock that may be issued upon conversion of the Preferred Stock will be equal to the value of the Preferred Stock divided by the applicable conversion price. Assuming the value of the 100 shares Preferred Stock is about $90,000, the applicable conversion price is about $2.17, which is about last week's all time low price. I feel these private investors could drive the price further lower and make their conversion more profitable. What kind of significant sales can overcome such overhang? 5 million? or 10 million?
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