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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (1454)1/3/2008 1:39:26 PM
From: Glenn Petersen  Respond to of 3862
 
Only 7,187,500 shares were sold in the offering, so the 4,300,000 shares that intend to vote against the acquisition represent approximately 60% of the eligible votes.

The founders only own 1,562,500 shares. They bought $550,000 of warrants in a private placement when the offering was completed and one of the founders has extended a line of credit to the company for $1.5 million, of which $990,000 had been drawn down as of November 5.


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