VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Greg Smith who wrote (5724)	12/2/1998 11:39:00 AM
From: HQ	Read Replies (1) of 27311

I agree. I reread the last three filings last night, and you and Paul are right in that the conversion could have commenced any time since last July's date. However, not having it in front of me now, do you recall whether the wording of the most recent filing was for an 'additional' 2.5mil shares? And was the original 5+ mil shares (allowed for by the original filing) a number arrived at by converting all preferreds and warrants from all 3 rounds of financing, but based on the $6.03 (plus interest, according to the 1-year formula) share price? If you are correct that this most recent amendment is to allow for a number of shares above and beyond those required based on the fixed conversion price, then you are implying this filing is preparation for greater dilution due to a floating conversion. Is this your interpretation? Anyone else care to weigh in here?

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