Dale,
Your math looks a little funny. Specifically, this part:
<<
Series 4 - 57,657 shares unconverted
...
Series 4 - $5,765,700 ($1000 ea)
>>
According to my calculator, 57,657 shares * $1000 = $57,657,000.
So, here is what I get:
Series 3 - 46 shares unconverted ($100 each)
Series 4 - 57,657 shares unconverted ($1000 each)
Series 5 - 21,182 shares unconverted ($1000 each)
Series 7 - 30,000 shares unconverted ($1000 each)
Series 3 - $4,600
Series 4 - $57,657,000
Series 5 - $21,182,000
Series 7 - $30,000,000
Total: $108,843,600
My theory on the timing of the layoff is that it is stock price related. With the drop in the share price, it became obvious that they couldn't continue to get financing the way they had in the past, and could no longer afford their employees. Up until now, the stock holders have been paying SyQuest's salaries, but no more. (Not to mention the stock holders have been wrapping a nice 20 dollar bill around every SparQ drive -- just a wild guess.) |
