The exercise is 16.50. Your 5.50 exercise was true pre split. Here's the info from 10k:
On November 12, 1996, the Company registered 1,100,000 units (366,667 after giving effect to the reverse stock split
described below), each unit consisting of one share of common stock, $.001 par value per share and two Class A warrants at
an IPO price of $5.50 ($16.50 after giving effect to the reverse stock split). The warrants are exercisable one year from the
effective date of the IPO and each warrant is convertible into one share of common stock at a price of $5.50 ($16.50 after
giving effect to the reverse stock split). Shortly thereafter, in November 1996, the underwriter of the IPO exercised its
over-allotment option to purchase 165,000 units (55,000 post reverse stock split) from the Company (165,000 shares and
330,000 warrants - pre reverse stock split and 55,000 shares and 110,000 warrants post reverse stock split, respectively) at
$5.50 per unit ($16.50 after giving effect to the reverse stock split). The Company realized proceeds from the sale of common
stock and warrants of $5,468,721 net of commissions and offering expenses of $1,488,778. To date no warrants have been
exercised. |
