Regarding Convertible Debentures and Impact on Stock Price:
Thought you might be interested in what one company has done to protect shareholder value in the fact of sudden dumping of convertible debentures.
SpatiaLight Announces Suspension of Conversions of
ConvertibleDebenturesNOVATO, Calif., Feb. 20 /PRNewswire/ --
SpatiaLight, Inc. (OTCBulletin Board: HDTV) issued the following news
release today with respect to the sudden decline in the price of its
shares:
SpatiaLight, Inc. is concerned that the recent pattern of selling
activity may be a result of an attempt by the holders of convertible
debentures to manipulate the market price in order to increase their
rate of conversion. The noticeable increase in selling activity in the
market has preceded the receipt of notices of conversion from certain
convertible debt holders. In order to protect SpatiaLight, Inc. and its shareholders from such improper activity, management has resolved to suspend further conversions until the trading activity can be fully investigated.
SpatiaLight, Inc., designs and develops high resolution, miniature
reflective liquid crystal display devices intended for use in large
screen computer displays, home theatre systems and other display
applications. SpatiaLight is quoted on the OTC/BB under the market
symbol HDTV.SOURCE Spatialight, Inc. -0-
02/20/98/CONTACT: L. John Loomis, COO of SpatiaLight, Inc., 415-
883-1693/
/Web site: spatialight.com |
