Zeev,
Here are the details you requested:
1. Total shares outstanding are 13,852,080 as of August 26, 1998 - up from 11.9M the previous quarter.
2. The company registered a total of 21,323,545 shares to cover the conversions of of Series B and C preferred stock. As of 9/4/98, 601 of 900 shares of Series B were converted (460 had converted the previous quarter) and 120 of 1100 Series C conversions (none the previous quarter). That's about $3M of Series B and $8M of the Series C left to convert. Someone posted revised numbers that the total convversion left may be $3M of the Series B and $2M of the Series C - so there is wide variance in these numbers.
3. The total short position by month - May = 583,210, June = 708,320, July = 850,834, and August = 1,386,283.
4. Formula for the conversion price is:
Series B: average closing bid prices for the five preceding days x 0.85.
Series C: average of the three lowest closing bid prices for seventeen preceeding trading days with a limit of 15% per month.
The current stock price is 1 9/32.
Thanks,
George D. |
