Here is my count of floats (from 1996 annual and recent Q reports):
Sept. 96, IPO 3,509,000 (pre-split), or 7,018,000 shares now; Assume all of these are floats;
At the time, there are 7,704,000 preferred + 283,000 warrants already existing, total (7,704,000+283,000)x1 = 15,974,000, those are held by the venture capitalist (Richard Abraham, Cannon, Nikkon) and management folks, so they are not floats;
Dec. 96, second public offering of 1,270,000 (pre-split), or 2,540,000 shres.
Adding the above three gives us,
7,018,000 + 15,974,000 + 2,540,000 = 25,532,000 shares
There are more than that by Sept. 97 (28,344,000 outstanding). The difference is 28,344 - 25,532 = 2,812,000. This can only be explained by excecutive options, employees bonus, etc.
So total Float = 7,018 + 2,540 + 2,812 = 12,370,000 after split.
Some of the IPO and 2PO shares may go to those permanent hands. So the above is the worst case senerio floats. IBD's 24 million is wrong, but Yahoo's 6.6 million seems in doubt too.
Who knows those IPO and 2PO shares going to ? |
