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Technology Stocks : Network Connection , Inc. (TNCX)
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To: Nimbus who wrote (226)3/13/1998 4:20:00 PM
From: Douglas Rushkoff  Read Replies (1) of 330
 
How about this news? Does it mean a dilution of sorts, or simply that someone else has faith in the company:

The Network Connection Announces $2.2 Million New Financing

ATLANTA, March 13 /PRNewswire/ -- The Network Connection, Inc.

(TNCi)(Nasdaq: TNCX - news) an industry leading developer and manufacturer of video and multimedia file-server technology, announced today the issuance in a private placement of $2.2 million of five year convertible debt securities (the ''Debentures''). Each Debenture was sold for $50,000 and will accrue interest at a rate of 4% per annum, and is convertible at the option of the holder, into shares of the Company's Common Stock at a price per share equal to the lesser of (i) $8.02 or (ii) 80% of the average closing market price of the Company's Common Stock during the 21 trading days prior to conversion; but in no event less than $3.00 per share.

The Company is obligated to file with the Securities and Exchange Commission within 45 days of the issuance of the Debentures, a registration statement with respect to the resale of the shares issuable upon conversion of the Debentures.

The purpose of the offering is to provide funds for working capital and general corporate purposes.
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