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Technology Stocks : Andrea Electronics (AND)
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To: phbolton who wrote (1282)7/26/1998 11:14:00 AM
From: Zeev Hed  Read Replies (2) of 1356
 
phbolton, an interesting quirk on the floorless, it says, however:

"The Notes will be convertible into shares
of the Company's common stock at a conversion price equal to the average of
the two lowest closing prices of the Common Stock during the 30 trading days
preceding any date of conversion, subject to a maximum conversion price of
$16.125 per share"

and then:
"The maximum number of shares issuable upon conversion is 2,100,000
shares. "

the last statement implies a floor of $5/share, but I am not sure if it is really that what it implies since the last paragraph was not part of the conversion covenants, maybe they meant that they "expect the maximum number of shares not to exceed 2 MM.

Zeev
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