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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: John Curtis who wrote (3971)8/26/1998 6:33:00 PM
From: FMK  Read Replies (2) of 27311
 
RE: S3 registration-I just got off the phone with a large investor who just discussed today's filing with Dave Archibald. Dave explained that it is standard procedure to register shares for sale after a private placement. The private placement has already been discussed at length and the consensus was that the financing terms were very favorable for the shareholders.

I would guess the 5.7 million shares represents worst-case dilution for the total $25 million finance package and registering them in advance makes it possible for the folks putting up the money to sell the shares they were promised as part of the deal, if they elect to do so, after they are converted according to the various formulae. I understand the first $7.5 million from Castle Creek will be converted at 6.07/sh, equivalent to about 1.2 million shares.

Again, this is a standard part of the overall financing package that was agreed to a few weeks ago. Nothing to be alarmed about.
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