DrRisk,
Don't know what to make of this. Can you please give us some insights on what's going on. Does this mean that whoever lends the money to AIPN is now preparing to convert the Notes into common, more of the same, another extension or there's more to it? As always, your input is much appreciated.
The paragraphs that make sense to me are found below.
thanks,
sycamore
<<The shares of Common Stock offered hereby may be acquired by the Selling Securityholders (i) upon conversion of the Company's 14% Convertible Notes due April 21, 2000 (the "Convertible Notes"), including shares issued in payment of accrued interest on the Convertible Notes, (ii) upon exercise of warrants to purchase on aggregate of 3,018,500 shares of Common Stock issued in connection with the issuance and sale of the Convertible Notes and the Company's 14% Convertible Notes due October 15, 1998 (which were issued in October 1997 and are hereinafter referred to as the "1997 Notes"). The conversion price for determining the number of shares of Common Stock issuable upon conversion of the Convertible Notes is 85% of the average of the lowest five consecutive daily weighted average sales price of the Common Stock on the Nasdaq National Market for the 40 trading days immediately preceding the date of conversion.
The Common Stock is quoted on the Nasdaq National Market under the symbol "AIPN". On May 8, 1998, the closing price of the Common Stock on the Nasdaq National Market was $2.69 per share.
The Company will not receive any proceeds from the sale of the Shares by the Selling Securityholders, but will receive the exercise price of the Warrants.>>"
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