I agree in principal, I was arguing against a discount preferred pricing today, but in this case it was the conversion of an existing preferred and it wasn't a discount at the actual time of conversion, or at least when they agreed on the deal. Wasn't it a 1997 convertible preferred? they had do get it converted for very specific financial reasons....the July 28th deal was predicated on the 1997 deal getting converted, I'll bet..and , hey they were desperate for $$ at the time. Keep an eye out for upgrades to the product that will blow everyone away, these people are SMART....
SAN ANTONIO, July 22 /PRNewswire/ -- DATA RACE (Nasdaq: RACE) announced today that, as of July 17, 1998, the holders of the Company's Series C Convertible Participating Preferred Stock have completed their conversions into common stock. The $5 million placement closed during November 1997; during the subsequent period, the Series Convertible Participating Preferred Stock was converted into 6,574,000 shares of the Company's common stock. The Company currently has approximately 14,400,000 shares of common stock outstanding. |
