Hi Ernie,
Copied this from Mar. 31 10K:
At December 31, 1997, outstanding warrants pursuant to the IPO were 2,415,000 and outstanding warrants pursuant to the
conversion of the November 1996 Debentures and the April 1997 Debentures were 1,431,427. These 3,846,427 warrants
originally entitle the holder to purchase one share of the Company's Common Stock at an exercise price of $9.00 and expire on
July 17, 1999. These warrants contain anti-dilution provisions that, upon issuance of the Series A Preferred Stock and the
Series B Preferred Stock, have adjusted the number of shares that can be purchased with one warrant to $1.19, resulting in an
effective exercise price of $7.55, and 4,583,402 shares that would be issued upon full conversion of the warrants.
Wesley |
