New MIDL Fully Diluted Count as I know it to be...
Share Count as best as I can figure out as of the last filing:
Here are the totals for calculating fully diluted shares from the 8-K plus the last transaction for Arcon minus the returned shares of New Departure:
2,575,217 Common
4,108,860 Dilution from 117,396 Series A
1,540,000 Dilution from 44,000 Series A (Private Placement Hig Profile Investors)
2,824,430 Dilution from 80,698 Series A (Split to S.O.R May 29, 1998 Business Day Close)
22,350,000 Dilution from 149,000 Series B
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33,398,507 fully diluted common shares as of today to the best of my knowledge
Note: 33,398,507 + warrants of 8,069,800 could = 41,468,307 fuly diluted (This dilution is NOT being sold by the company against the shareholders buying)
MIDLP = (242,094) all due to convert in Oct 1998
The 149,000 of preferred 'B' are all insiders and have a 2 yr restriction before they can be converted (self imposed) THEN another 2 yr restriction before they can be traded after that. Again insiders habe to follow SEC rules and regulations. From what I have been told I doubt they will convert.
MIDLW (161,396 A x 50 = 8,069,800) are warrants that allows the holders to exercise I guess at anytime to purchase 1 share of common stock for $0.50; expiration 2001; Target - $2.50 or higher for ten consecutive trading days. After target is met company can recall all warrants for .005 cents.
Note: Once the warrants are exercied then the common float should be 2,575,217 + 8,069,800 = 10,645,017.
GB |
