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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Zeev Hed who wrote (6119)12/19/1998 4:30:00 PM
From: Larry Brubaker  Read Replies (2) of 27311
 
Zeev: My reading is the preferred shares can be converted at the lower of the variable or fixed rate come July 27, or the fixed rate before July 27.

As far as the warrants go, my reading is the terms of the warrant haven't changed, i.e. the warrants (about 400,000 if I recall correctly) may be purchased at Castle Creek's option at a fixed price (I think the fixed price for warrants is about $5?). Of course, if these warrants are exercised, this will provide more cash to VLNC.

So I don't see the floorless scenario applying to the warrants, only the conversion of preferred shares to common, and then not until July 27.

I agree that $100 is years away for this stock, if ever. But I also agree a 2-3 bagger from here over the course of the next year is not out of the question.
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