The Panda Project (PNDA) Message Board

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Technology Stocks : The Panda Project (PNDA)

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To: JAGUAR who wrote (1002)	3/25/1998 8:16:00 PM
From: Mike Farmwald	Read Replies (1) of 1521

We must be reading a different document... The 10K I read describes a complete disaster. No real sales in 97, out of cash (again) sometime in May 98 (maybe April if they spent any extra money on Rock City). Rock City is a total joke. Still no volume shipments of VSPA. They claim Compass sales by LG - my sources say not - we'll see. In the meantime, the preferred stockholders are shorting like crazy. Assuming they convert at about $2.00/share (92% of average stock price over 5 days), they will be shorting 3M shares over the next 3-4 months (60-80 trading days) or 40-50K shares per day shorted. Recently there have been 50-100K shares per day traded, which is really 25-50K (Nasdaq double counts - they count the buy and sell as different transactions). Thus by any measure there is a serious imbalance of buyers and sellers, resulting the recent price decline and implying more to come. Even if Panda raises yet more money in May, you're still looking at a 25% dilution (12M -> 15M shares), with much more to come. Send me the URL of the document you read with such optimism, I'd sure like to see it. Mike

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