Dale, Rocky,
I don't know where I got my 30M warrant number from, according
to the latest S-3/A it looks like they have about 58.3M options and
warrants outstanding at $3.00 per share. From that, you have to
deduct their latest financing through warrant exercise. Which looks
like it could be approximately 5M warrants, based on 11.9M shares
used as an incentive to warrant exercise, giving SyQuest about $15M.
I couldn't find any announcement from SyQuest about the dollar amount
obtained.
So, that means that they have about 53M warrants outstanding and the
ability to entice about 6M more warrants to exercise.
This is interesting, I extracted the following information from
SyQuest's latest S-3/A.
Preferred Gross Unconverted
Date Series Shares Proceeds Preferred
---------- ------ ----------- --------------- ----------
4/97 3 50,000(3) $ 5,000,000 46
5/97 4 280,000(4) $ 28,000,000 57,657
9/97-10/97 5 30,000(5) $ 30,000,000 21,182
2/98-3/98 7 30,000(6) $ 30,000,000 30,000
(3) 46 shares of Series 3 Preferred Stock remain unconverted.
(4) 57,657 shares of the Series 4 Preferred Stock remain unconverted.
(5) 21,182 shares of the Series 5 Preferred Stock remain unconverted.
(6) There have been no conversions of the Series 7 Preferred Stock.
If you add up the total dollar amounts of all the unconverted
preferred stock at $1000 a piece, you get $108,885,000 worth of
preferred that could at some point in the future be converted to
common stock. If converted at a 15% discount to today's price of
15/16 per share, you get a potential of 136,640,000 new shares.
According to a recent 8K filing SyQuest had outstanding 127,032,278
shares. If both of those numbers are accurate, and there isn't much
overlap between the two (which for all I know there is), then SyQuest
already has obligations exceeding their 240M cap to the tune of a
total of 263M shares, or 23M above their cap.
Once again, these numbers are purely theoretical, and may have no
basis in reality. Do not base any investment decisions on my
analysis. It is probably wrong. |
