Info from Orbi- on 'manure'[not],meteor showers and IPO [email fm Barron]
dwight and everyone:
Here is an email i got from Barron Beneski in reply to my email expressing concern over the meteorid showers.Enjoy.
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From: Beneski.Barron@Orbital.COM SaveÿAddressÿÿBlockÿSender
To: mmarette@hotmail.com
Date: Fri, 1 May 1998 13:26:50 -0400
Subject: Re: Impending meteroid showers and Orbcomm
Reply ReplyÿAll Forward Delete Previous Next Close
Sorry I didn't respond sooner. I check with our satellite engineers who said there is always a chance of a satellite being damaged by space debris but the chances are, pardon the pun, astronomical.
Separately, we have received many inquiries about the ORBCOMM registration for an IPO. We've been sending the following reply which I believe may help answer and lingering questions you and your SI discussion thread partners may have.
Regards.
Barron Beneski
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Thank you for your interest in Orbital Sciences Corporation and its ORBCOMM affiliate. As you may know, ORBCOMM Corporation, a new company formed to facilitate a public offering, filed a S-1 registration statement with the Securities and Exchange Commission for a proposed offering of $125 million of its common stock on April 21, 1998. While the full registration statement can be obtained from the SEC?s EDGAR on-line service, we hope this brief note will address some of the questions included in your e-mail or telephone inquiry. Please remember that we are currently ?in registration? and cannot comment on ORBCOMM?s valuation or other matters not addressed in the registration statement filed with the SEC.
The information we can provide is as follows:
? ORBCOMM Corporation plans to list its newly issued shares on the NASDAQ system and trade under the ticker symbol ORBC.
? The shares cannot be offered or sold until the registration statement is declared effective by the SEC. The earliest date the shares are expected to start trading publicly is around mid-June.
? If you are interested in the ORBCOMM offering, you should contact either your broker or the underwriters of the offering, Bear, Stearns & Co. or J.P. Morgan & Co.
? There will be no preferential treatment for current Orbital Sciences Corporation shareholders.
? The proceeds of the offering will be used to expand ORBCOMM?s business plan. Specifically, a fourth plane of satellites will be added to the constellation in addition to expanding sales efforts to direct targeted markets.
Again, given that ORBCOMM is currently in registration, we cannot answer questions such as the expected price per share or the proportional ownership positions post offering. However, Orbital will remain as a major shareholder in ORBCOMM following the IPO.
If you are interested in obtaining a packet of financial and other interesting information on Orbital Sciences Corporation, you can call 703/406-5543 to order by phone, or e-mail your address to me and I'll have a packet sent to you immediately. Upon approval from the SEC, an ORBCOMM prospectus will be circulated. Please see the note below.
Maureen O?Kane
Manager, Investor Relations
Orbital Sciences Corporation
703/ 406-5697
e-mail: okane.maureen@orbital.com
Please note:
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This response to your inquiry shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Copies of the prospectus relating to the offering may be obtained when available from Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167 and J.P. Morgan & Co., 60 Wall Street, 31st Floor, New York, NY 10260-0060 |
