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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Chisy who wrote (12428)	6/28/1999 12:27:00 PM
From: Rich Wolf	Read Replies (2) \| Respond to of 27311

To all: SEC filings on FreeEdgar, both the 10K AND a new 424B2. Go to: freeedgar.com The 424B2 specifies a small private financing deal to an institutional investor for just under 425,000 shares at a FIXED price, raising $3M cash for the company (less fees). The deal was based on the average trading price recently, which calculated as $6.78/sh less an 8% discount. So no more Castle Creek. And this is what Lev was referring to about financing to be announced soon, I'd guess! I take this as a bullish indicator, since the amount raised was very small (only enough for a month at the current burn rate!), and an investor was willing to take a fixed price even though the Castle Creek July 27 date 'looms ahead.' Clearly neither this new investor nor the company are concerned about potential dilution from a floorless (recall the terms were rewritten in Dec such that there's no 'erasure' of the floorless provision even if a PO is in hand). They must be expecting to be able to get other money shortly. ;-) Rich