S--I trade that one all the time. It trades well! An AMEX that swings like a Nasdaq!
Crude is up today, and the transports are WAY up today. Makes no sense, except opitions expire real quick.
Here is the regS for ITEX>>On April 3, 1998, the Company closed the sale of 53,500 shares of Series A Preferred Stock to a small number of non-U.S.
persons (as defined in Rule 902 of the Securities Act of 1933, as amended) located outside the United States in a
non-registered private placement pursuant to Regulation S under the Securities Act of 1933, as amended. The Company
realized gross proceeds of $5,350,000 and net proceeds, after costs, totaling approximately $4,800,000. The purchasers of
the Series A Preferred Stock agreed not to sell more than 50% of the common stock received upon conversion until at least 75
days after the closing date. The Company has granted registration rights, under limited conditions, to the holders of Series A
Preferred Stock. The primary use of the proceeds is for the acquisition of the remaining 50% common equity interest in
Business Exchange International, Inc.
This was a real dumb move. |
