William Harvey, it appears you are mistaken. FNET warrants convert into FTEL shares if the IPO does not take place by June 30, 1998,if I am not mistaken.
What you said:
<<Share conversion is not contingent on IPO, if that's what you mean. I did a search on the S1 and S1/A and there's no connection.>>
What I found:
<<The Preferred Stock is accompanied by a warrant or warrants . . .that entitles the holder thereof to purchase a number of shares of the common stock of the Company's subsidiary, FNet Corp. . . However, if FNet fails to complete a public offering by June 30, 1998, the Holder has the option, upon written notice to FNet and FTEL no later than July 31, 1998, to convert to "Series C Exercise Option #2" (in lieu of Series C Exercise Option #1), which entitles the holder to. . .>>
There is a lot of technical information included in the notes I've included. I was hoping others who may be more familiar with the series C and the potential warrant conversion by June 30, 1998, could expand on what I've submitted, and perhaps explain it in more detail.
Following is a link to this quote, and also where it can be found (Dec 7, 1997, S-1), along with some other notes I've taken to help me better understand the CEO's compensation, and the recent series C shares, etc.:
valuespec.com
VALUESPEC
valuespec.com |
