Gary, I believe your synopsis, but I got to tell you that DAN was NOT speaking to me as if the $1.25 warrant call price was his WISH OR WANT! I am sure you are right, as the Company or one of it's officialls canNOT wish something to happen. They HAVE to stand by their press release.
However, Dan told me that June 30 was the final date to buy the warrants and get the 50 cents conversion price. He clearly told me also that the stock only had to close at $1.25 for 10 days. Bad move, DAN!!!!
This is very clearly a mistake on his part, but he should be reprimanded for even bringing this up. Pisses me off. There is already enought confusion and bs abounding here.
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So, to clarify once and for all and correct me if I am wrong:
Based on the press release:
** If you buy the warrants, regardless of when, you will at SOME POINT SOON, be able to convert them to a common share for 50 cents.
** If the common closes at or above $2.50 (not $1.25) for 10 consecutive days, the company has the right, at their option to call all warrants due, giving us warrant holders 30 days from date of notification by the compnay to exercise or sell our warrants.
** Finally, there is no June 30, 1998 deadline date to either...
a) exercise our warrants at the 50 cent rate or lose the warrants automatically to the company or
b) buy the warrants by June 30 or lose the right to exercise them later at the 50 cent rate (i.e can only convert for $1.00 after June 30).....
CORRECT? OK? FINAL? THIS IS THE WAY IT IS?
Simple YES or NO |
