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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Craig Stevenson who wrote (16914)6/29/1998 9:59:00 PM
From: iceburg  Read Replies (4) of 29386
 
Craig,

At the current share price, the conversion price of the remaining Series-B shares would be roughly 2 1/4. Instead of 700,000 shares left to convert from that round there would be approximately 1,500,000 more shares added to the float. Add to that the $11M of series "C" we need to pay for, at $3/share that could add another 4 million shares to the float. Combined this would increase the float by ~50%.

At $2/share this problem would compound and add nearly 8M shares to the float. I guess management foresaw this possibility and that is why they added 20M shares to their reservoir at the last meeting. The shorts probably glommed onto this fact as well. They gambled that Ancor wouldn't land a major OEM near term and they rolled a '7'

The 2nd half '98 is a few days away, hopefully she will turn around as promised.

Steve
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