I think you might be right: the 2.5 mil shares may not be additional to the 5.76 mil shares,
but rather a restatement of the number of shares offered, reflecting a higher share price
(and relatively less dilution). However, the most recent S-3A omits both a per share
price and the aggregate amount of the offering. So it is not clear if the new share
amount adds up to the original total of the offering.
Another odd thing -- look at these tables of stock ownership from each of the three parts
of the offering:
Common Stock Common Common Stock
Owned Prior Stock Owned After
to Offering Offered Offering
S-3 8/26
CC Investments 0 5,519,674 0
Gemini Capital 0 87,500 0
Baccarat Elect. 4,252,634 149,254 4,103,380
S-3/A 10/26
CC Investments 1,314,880 5,519,674 0
Gemini Capital 0 87,500 0
Baccarat Elect. 4,252,634 149,254 4,103,380
S-3/A 12/1
CC Investments 1,321,958 2,352,075 0
Gemini Capital 0 87,500 0
Baccarat Elect. 4,574,414 149,254 4,425,160
Did CC already convert some of their preferred into 1.3 mil shares of common?
If so, did that affect the revised number of shares in the offering?
I am not sure. What do you think? |
