To: F. Jay Abella, III who wrote (788 ) 3/26/1998 9:42:00 PM From: Amigo Mike Read Replies (1) | Respond to
Jay, Does not include shares of Common Stock issuable upon the exercise of (i)outstanding stock options held by directors and employees to purchase 3,912,492 shares of Common Stock at exercise prices ranging from $0.37 to $6.00 per share; (ii) Redeemable Warrants to purchase 1,794,000 shares of Common Stock at an exercise price of $5.92 per share; (iii) Unit Purchase Options issued in connection with the Company's initial public offering to purchase an aggregate of 120,000 Units (the "IPO Unit Purchase Options"), each Unit consisting of 1.27 shares of Common Stock and 1.3 Redeemable Warrants, at an excise price of $6.63 per Unit (nor the shares of Common Stock issuable upon exercise of such Redeemable Warrants); (iv) a Unit Purchase Option issued in connection with the Private Placement (the "Private Placement Unit Purchase Option") to purchase 24.67 Units, each Unit consisting of 142,860 shares of Common Stock and an equal number of Class B Warrants, at an exercise price of $50,000 per Unit (nor the shares of Common Stock issuable upon exercise of such Class B warrants) ; (v) the right of SKB to convert its interest in the Joint Venture into a maximum of 4,793,685 shares of Common Stock; or (vi) a warrant issued to SKB entitling it to purchase additional shares of Common Stock at an exercise price of $0.37 per share to the extent that additional shares of Common Stock are issued pursuant to the exercise of certain of the instruments identified in clause (i) above, all of the instruments identified in clause (iv) above and substantially all of the Class B Warrants.
