AMEN[from the prospectus for the IPO of Didax - 9/25/97, which offered
>>>2,000,000 shares of Common Stock at $5.00 per Share
and 2,500,000 Purchase Warrants at $0.1875 per
Purchase Warrant. <<<]
WARRANT TERMS:
>>>Each Purchase Warrant entitles
the registered holder thereof to purchase, at any
time during the period commencing on the
Effective Date, through September 22, 2002, one
share of Common Stock at a price of $5.75 per
share, subject to adjustment.... Warrants are subject to redemption by the
Company, at the option of the Company, at $0.25
per Purchase Warrant, upon 30 days prior written
notice, if the closing bid price, as reported on
Nasdaq SmallCap, or the closing sale price, as
reported on a national or regional securities
exchange, as applicable, of the shares of the
Common Stock for 30 consecutive trading days
ending within ten days of the notice of
redemption of the Purchase Warrants averages in
excess of $10.00 per share, subject to
adjustment. >>
Interesting to note:
from the most recent 10q filed 11/10/98):>>>Additionally, the Company's progress in developing
crosswalk(TM) is evidenced by the growth in membership, ad impressions and page
views. Membership in crosswalk(TM) is free and simply requires filling out an
online registration form with one's name, e-mail address, and limited
demographic data.... At September 30, 1998, the company had 123,274
members as compared to 29,980 members at September 30, 1997, an annual growth
rate of 311%. <<<
One interesting aspect is that the redemption of the warrants will cause an infusion of ~$13 million,($20 million for all warrants, including the underwriter's warrants) which should fund the site expansion and the new music ventures. |
