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Technology Stocks : Number Nine Visual Technology
NINE 0.470-6.4%Jan 16 3:59 PM EST
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To: JR2 who wrote (984)5/9/1998 4:45:00 PM
From: AreWeThereYet  Read Replies (1) of 1183
 
From earning release:
>> The companies' financial arrangement is structured as a loan pursuant to which the company may borrow up to $9 million. The loan is convertible into
preferred stock at a conversion price of $2.75 per share. The loan, if not converted, is payable on demand 180 days after September 30, 1998. The loan is
subordinate to the Company's existing secured line of credit and is secured by essentially all of the company's assets. If Silicon Graphics converts the loan
and maintains an equity interest equal to or greater than 5% of the issued and outstanding Common Stock on an as-converted basis, it is entitled to elect
one (1) director as a class. Silicon Graphics was also issued a 3-year Warrant to purchase up to 3% of the outstanding Common Stock at the time of
exercise, exercisable at a price of $2.75, only if Number Nine repays the outstanding principal and interest under Loan. In conjunction with this
transaction, shareholder approval was required pursuant to NASD Marketplace Rule 4460i; however, the Company sought and obtained from Nasdaq a
''financial viability'' exception from the shareholder approval, because a delay in securing shareholder approval would seriously jeopardize the financial
viability of the Company. The Audit Committee of Number Nine's Board of Directors has expressly approved Number Nine's reliance upon the ''financial
viability'' exception, as required under the NASD By-Laws. <<

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