Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 199.20

+0.1%

Nov 21 9:30 AM EST

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To: B.D. who wrote (27154)	1/4/1999 7:35:00 PM
From: Machaon	Read Replies (1) of 32384

It seems to me that the institutional investors were able to exercise the warrants for about $5.50 ($12.5Mil / 2.27 million shares) = $5.50; instead of shelling out $7 1/8. On one hand, Ligand wanted to raise some more cash. On the other hand, the investors were willing to shell out hard cash to convert their warrants to LGND stock, at a 30% discount. Perhaps LGND wanted to make the bottom line look a little better since it does not seem that they received any milestones in the 4th quarter.

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