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Biotech / Medical : GZTC
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To: HIA who wrote (575)10/22/1998 9:27:00 PM
From: Biomaven  Read Replies (2) of 752
 
HIA:

I think the reason that the limit you referred to is not mentioned in the S-3 (which is where I was looking) is that it is basically a straw limit. The company is contractually required to seek shareholder approval to issue shares over the limit. I'm not sure exactly what happens if they don't get such approval, but I'm guessing it's not good. The details are in their 10-K for anyone who wants to puzzle through them.

The clause that allows them to short is in the S-3, and says the shares can be sold:

in open-market transactions, in privately-negotiated transactions through the purchase or writing of options on the Shares, in short sales or in a combination of such methods of sale

Peter
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