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Technology Stocks : Data Race (NASDAQ: RACE) NEWS! 2 voice/data/fax: ONE LINE!
RACE 384.98+0.9%Nov 25 3:59 PM EST
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To: Marshall who wrote (30651)2/2/1999 8:16:00 PM
From: BDR  Read Replies (2) of 33268
 
"I would hardly consider the current offering as a "toxic convertible" as that implies a
discounted convert."

From the S-3:

<<The Series D Convertible Preferred Stock is convertible into common stock at the option of the holder beginning March 17, 1999, subject to acceleration in certain events, at a conversion price equal to 80% of the trailing five-day average closing bid price of the common stock on the conversion date. The conversion price is subject to a minimum conversion price equal to the trailing 15-day average closing bid price of the common stock on March 17, 1999 and is subject to the maximum conversion price equal to the lesser of $3.00 or the trailing five-day average closing bid price of the common stock on March 17, 1999.>>

Sounds like a 20% discount to a five day trailing average with a minimum and maximum to me.
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