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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Dennis V. who wrote (4618)10/30/1998 1:51:00 PM
From: Greg Smith  Read Replies (2) of 27311
 
Hello. I've been studying this stock, this thread, and the most recent 10-K, 10-Q and S-3 for the past couple of weeks. Why would Castle Creek want to sell short and try to place a ceiling on VLNC? Don't they stand to profit more if the common share price increases? They own 7,500 preferred shares at $1,000 per share. The conversion formula allows them to get approx. 165 shares of common stock per preferred share prior to July 28, 1999 (or Jan. 27 if VLNC doesn't meet its milestones). They must believe VLNC can deliver to have made the investment, and they stand to make a lot of money if the share price goes well above $6, so why would they hedge their bet? If true, that would seem very pessimistic to me.
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