Rick,
OK here's how the float breaks down. And Brad, or anyone else that has been tracking these figures please feel free to jump in here and correct any errors or discrepancies. It's a good idea to keep this as accurate as possible:
Total float of 3,100,000 shares is comprised of:
1. 1,400,000 shares newly issued (or in the process of being issued) from the January 23 exercise of rights. These shares are issued in certificate form (700,000 of which are Common Stock and 700,000 shares of Rule 144 restricted stock.)
2. Of the remaining 1,700,000 shares, (the old float number) approximately 350,000 of them are in certificate form now, held by both the long term holders of this thread, lurkers, and other individuals. This number is verified both by Scott and e-mail sources. (and now apparently by a new letter in the Investor packet)
3. That brings the number down to 1,350,000 shares available in the free trading float. If everyone involved in the Certathon Drive honors their cyberhandshake and converts the 434,400 shares to certificates, the current number of free trading shares now gets reduced to 915,600.
4. Now, that ends the verifiable math. The rest at this time is just speculation. But, I have do have information (and again this is only rumor at this stage) that there is another large group thinking of converting their shares to certificates at this time. While we should work with the 915,600 figure as reality, we could possibly be looking at a much lower figure. I will estimate that the figure could be as low as 500,000 shares left to convert.
(If anyone from that group happens to be reading this post, Now might be a good time to go ahead and make your move. (hint, hint, prod, suggest)) |
