To the thread.
There is another small IFLY warrant jack in the making.
FILED on Dec 15 1998. How quaint,...
>>......
7. Optional Redemption.
a) Redemption. Notwithstanding the Contingent Options Exercise Period provided in Section 3 above, the Company shall have the right, but not the obligation, to redeem any part or all of the Contingent Options at a redemption price of $.05 per Contingent Option (the "Redemption Price") if and to the extent that the Closing Price is at least $10.00 per share for any ten (10) consecutive trading days (in addition to the ten (10) consecutive trading days referred to in Section 2 (c)) at any time during the Redemption Period.
<<<<
Clearly, this redemption leads to the exercise and subsequent (preceeding) sale of the issued shares, we know.
And folks, here is the reason:
>>>>....
WHEREAS, as a result of cost overruns and time delays the parties have renegotiated the compensation to be paid to Consultant and, as part of such remuneration the Company has agreed to issue to Consultant options to purchase up to One Hundred Twenty-Five Thousand (125,000) shares of the Company's common stock, par value $.01 per share (the "Common Stock"), as more fully described herein;
<<<<....
edgar-online.com
The total registration amount covers 925.000 shares, with smaller strikes.
wink, nudge. The real rouble is that basically all of the recent run-ups in any stock are accompanied by pre-planned measures like that one. This is no stock market.
I remember two other Y-stocks with striking price increases connected to an option redemption. Which are they?
C. |
