Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Roger A. Babb who wrote (116)	10/9/1998 11:21:00 PM
From: N. Dixon	Read Replies (2) of 1438

Roger, I thought we had clarified on the REFR thread that the recent equity financing gives REFR all the options including setting the floor price and not having to offer one single share under the Class A warrant. The only requirement that can be imposed according to the agreement is the Class B warrant which stipulates the sale of 65,500 to the fund at a premium of 120% or $8.25. Didn't Mr. Harary confirm this in your discussion? REFR's current status shows they have a lot of cash and three licensees coming to market with product which will provide revenues from royalty payments. ND

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