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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Larry Brubaker who wrote (9582)3/20/1999 2:22:00 PM
From: kolo55  Read Replies (1) of 27311
 
This is just a 424B3 filing for the "B" preferred shares.

Valence filed the 424B3 for the "A" preferred shares on December 10th.

This is part of the original agreement with Castle Creek that allows them to convert their preferred and sell the common at any time, restricted only by the volume limitations in their agreement (30,000 shares daily or 15% of the share volume, whichever is greater).

They do not have to sell the shares in 90 days or by the end of the quarter. However, Valance will have to file a new filing periodically, keeping the prospectus current, until they do sell.

I own stock in a company that has been acquiring other companies for stock, and has been filing for years, allowing the previous owners to sell the stock they had been issued. Almost none of the shares have been sold at this point.

If Castle Creek doesn't sell the shares in a certain period of time, they simply issue a new filing
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