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Microcap & Penny Stocks : Saliva Diagnostics (SALV)
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To: Keiko who wrote (523)2/15/1997 1:53:00 PM
From: Wendell Holmes   of 3369
 
I think you're exactly right about the warrants. Not only an acquiring company, but also SALV, would have no obligation to the warrant holders as they would to equity holders who are owners of the company. Warrant holders are merely parties to a contract that allows them to buy, and the company is required to sell, shares of the common at a fixed price for a fixed length of time. I'm seeing people throw out lots of wild numbers that they feel would be paid if a takeover took place. SALV has about 20MM shs out. Times $3/sh would be a $60MM purchase cost . That seems awfully high to me when the company has no clearcut lead in any field of diagnostic device.If the company is taken over, the warrant holders can exercise or not, depending on the purchase price. I am 99 per cent certain they will NOT extend expiration or lower strike price.
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