Looks like LPTHA needs to clean up its capital structure:
- Filed form S-3MEF on 12/21/99 which converted class G & H warrants to common (LPTHA).
- Filed form S-3 on 01/10/00 which converts class K & L warrants and series F preferred to common (LPTHA).
Found these tidbits in most recent S-3 -
- "...we will receive up to $4,760,500 from the exercise, if any, of warrants by the selling shareholders."
- "As of November 30, 1999, there was outstanding:
+ 2,667,649 Class A Warrants to purchase an aggregate of 2,667,649 shares of Class A Common Stock and 2,667,649 Class B Warrants;
+ 1,851,351 Class B Warrants to purchase 1,851,351 shares of Class A Common Stock;
+ the Unit Purchase Option to purchase an aggregate of 160,000 Units, each Unit consists of 160,000 Class A Common Stock, 160,000 Class A Warrants to purchase an aggregate of 160,000 shares of Class A Common Stock and 160,000 Class B Warrants; and 160,000 Class B Warrants;
+ 160,750 shares of Class A Common Stock issuable upon exercise of Class C and Class D Warrants;
+ 336,177 shares of Class A Common Stock issuable upon exercise of Class E and Class F Warrants;
+ 304,909 shares of Class A Common Stock issuable upon exercise of Class G and Class H Warrants;
+ 150,000 shares of Class A Common Stock issuable upon exercise of Class J Warrants;
+ 1,925,000 shares of Class A Common Stock reserved for issuance to the selling shareholders upon conversion of the Series F
Preferred stock and exercise of the Class K and Class L Warrants;
+ 281,250 shares of Class A Common Stock issuable upon exercise of the Chairman's Warrant;
+ outstanding options to purchase an aggregate of 1,284,516 shares of Class A Common Stock (which includes 71,102 options which the holder receives, upon exercise, 71,102 shares of Class A, 106,652
shares of Class E-1, 106,652 shares of Class E-2 and 71,102
shares of Class E-3 Common Stock);
+ 887,984 shares of Class A Common Stock reserved for issuance pursuant to future grants made under the Omnibus Incentive Plan and Directors Stock Incentive Plan."
- "The current focus of our development group has been to expand application of GRADIUM products to the areas of fiberoptic optomechanical switches, multiplexers, interconnects and cross-connects for the telecommunications field..."
...............Yuk, what a Capital mess!!! But, this will give us an easy measure of management's talents - heck, if they can clean this mess up, re-directing a few photons should be a piece of cake!!!
The amended 10-K said that the company expected to enter field trials of the two fiberoptic mechanical switches by the end of calendar 1999. Developed by LPTHA / Laor; assembled & distributed by Kaifa (now sub. of ETEK) and LPTHA.
..........Does anyone know the status of the field trials???????
Thank You, Jerry |
