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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (11427)5/26/1999 1:42:00 AM
From: Larry Brubaker  Read Replies (2) of 27311
 
<<The conversion occurs at the end of July, and if the stock price is over the $6.03 fixed conversion price, then the variable conversion issue disappears.>>

Paul, the conversion does not necessarily take place at the end of July. Rather, until the end of July, any conversions that do take place are at the fixed price of $6.03. After July 27, any conversions are at the lower of the fixed price or the variable price. Conversions could take place after July 27 (there is probably a deadline for conversion, but I don't remember what it is).

So the variable conversion issue does not necessarily disappear if the stock is trading above $6 on July 27. Presuming VLNC has announced purchase orders between now and July 27, the variable rate conversion issue should be moot because the stock price should be well above $6, and therefore, the fixed rate of $6 is the lower of the fixed rate or the variable rate.
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