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Technology Stocks : FCL - FuelCell Energy
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To: BillTrudeau who wrote (253)2/21/1999 10:30:00 PM
From: DIY Investor  Read Replies (1) of 407
 
Bill,EVCL symbol belongs to Enviro-Clean of America, Inc. I heard that there was a mix-up and EVCL was not available to the spin-off company. An announcement will probably be forthcoming giving a new symbol.

Regarding the trading price of the rights, the following information may help. If the right to purchase is $2 and the offering is $6, then the market value of the "right" is $4 or less. Do you agree?

Immediately after the distribution of Evercel's shares to ERC's stockholders, in order to fund its commercialization efforts, Evercel plans to conduct a rights offering to its stockholders. As described more fully in a Registration Statement filed by Evercel with the Securities and Exchange Commission on September 30, 1998, Evercel will grant at no cost to holders of its Common Stock, transferable subscription rights ("Rights") to subscribe for and purchase an additional share of Evercel's Common Stock. Each holder of Evercel's Common Stock will receive one Right for each share of Common Stock held on the record date which has not yet been determined. Each Right will be exercisable, for a period of approximately 30 days, to purchase one share of Common Stock of Evercel at a purchase price of $2.00 per share. The Rights Offering will be made only by means of a Prospectus which will be delivered to stockholders concurrently with the distribution.

Source: ercc.com
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