Dale, I rechecked the S-3/A and you are correct on the total dollar figure. The problem was, that the series 4 preferred were $100 each, not $1000.
So, the correct number is $56,952,300 of preferred outstanding as of the last S-3 filing.
That's a little more reasonable considering SyQuest's market cap.
My theory remains unchanged, however.
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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.) |
