TPEG apparently filed an 8-K today to clear up the warrant controversy. It's 3 warrants for 1 common at $5.75.
(b) In connection with the Company's offering in 1996, the Company issued 5,100,000 warrants to purchase 5,100,000 shares of common stock at an exercise price of $1.75 per share (or one warrant for one share of Common Stock). These warrants trade on the Nasdaq Small Cap market under the symbol "TPEGW". In April 1998, the Company's stockholders approved a 1- for-3 reverse stock split of the Company's Common Stock. Pursuant to the terms of the Warrant Agreement governing the warrants, the terms of the warrants were automatically adjusted so that the 5,100,000 warrants remained outstanding to purchase 1,700,000 shares of Common Stock at an exercise price of $5.25 per share (or three warrants for one share of Common Stock).
Separately, as of June 30, 1998, the Company had outstanding options (which do not trade) to acquire 50,000 shares of common stock at prices ranging from $21.00 to $24.00 per share, which options expire at December 31, 1999.
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