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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Larry Brubaker who wrote (9735)3/23/1999 3:59:00 PM
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Larry,

In the cash flow statement, the market value of the options would not be used since Valence did not pay that out as an expense. The total cash cost to Valence was 750K to Gemini plus less than 100K of their own admin costs. I don't have the exact numbers in front of me but you can get it from the various filings over time.

So roughly you can say, they received $14.2 Million. What did they give in return for the $14.2 million ? The Pref. A, the Pref B, and the warrants. This is the important point, they sold Pref. Shares AND warrants for the $14.2 Million. Thus, the cash they received for the warrants is embedded in the $7M. line for issuance of stock and warrants. It roughly equates to $2.4 Million for the warrants(14.2 - 11.8).
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