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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: FMK who wrote (3972)8/26/1998 9:05:00 PM
From: Larry Brubaker  Read Replies (1) of 27311
 
5.7 million shares is not the worst case. The terms of the private placement required these 5.7 million shares to be registered for sale. Thus, today's filing.

The terms of the private placement also require VLNC to ask shareholders via a proxy to issue additional shares that may be required to meet the terms of the private placement. Under the "variable rate conversion" scenario, their is no floor on the conversion price, therefore, the amount of shares required to meet the terms of the private placement could be substantially greater than 5.7 million shares.

That is IF VLNC does not meet its milestones and the preferred shares are converted at the variable rate.
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