DIY: If you go to the SEC's EDGAR site and search under Evercel, you will find the latest filings on the spinoff: sec.gov
The biggest file, with a date of 2/9/99, is a full preliminary prospectus, I guess it would be called.
When first announced, the plan was one share of Evercel stock (new symbol will be EVRC) and one EVRC right (with a strike price of $2) for each ERC share. Sometime along the way the plan changed, in effect doing a 1 for 3 reverse split on the original plan. So now it is one share of EVRC and one right for each three shares of ERC someone owns, and the strike price of the rights moved up to $6. This should raise about the same amount of money for EVRC, only there will be one third the number of shares at three times the price.
Supposedly trading will begin soon in the rights on the OTC BB (I don't know the symbol yet on the rights - maybe EVRCR?) Then, in somewhat more than a month, EVRC will start trading, supposedly on NASDAQ.
Even though the rights will be trading before the stock, you can sort of value the stock based on the price of the rights. As an example, suppose the rights were selling for $1, that would imply a price on the stock of $7 ($6+$1). |
