VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Zeev Hed who wrote (6119)	12/19/1998 5:15:00 PM
From: jcox	Read Replies (2) of 27311

Hi Zeev and All I read this another way. "The terms of the preferred stock to be issued in the second half of the financing are similar to the terms negotiated with Castle Creek for the first half of the financing, with minor technical amendments, including that the variable conversion price for the second half of the financing will not be applicable until the end of July, 1999. To me this says that only the change of date of the variable is being done but all the same "material order" conditions still apply. Why would "minor technical amendments" mean the removal of conditions for a fixed rate conversion. Also I don't think the warrants would be variable but just that they would be numbered by taking the second round of financing 2.5M convertible shares and dividing by the price of 6.03. Does anyone else see it this way or should I take off these rose colored glasses Also would anyone care to post what the best case dilution would be. John

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