Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : GLBM expected to earn $.25 next year - A buy at $1.25 -- Ignore unavailable to you. Want to Upgrade?

To: Jonathan M. Traxler who wrote (680)	8/18/1998 12:46:00 AM
From: Proton	Read Replies (1) \| Respond to of 938

Re: Second Quarter Report I didn't scour it yet, but here are some initial observations. 1. Two new customers, Alltel Information Services and Spiegel Inc. (presumably the catalog people). 2. A most strange offering: units consisting of a share and a warrant. Pay $2.20 now, get a unit (out of 1.67 million). If the price of GLBM does not average 2.93 during December, 1998, get more units. Strike price on warrant is 2.60. Don't know if shares are restricted, or if investors must qualify, because it is unregistered and being placed by the company! My initial estimate is that dilutive effect of the offering is 2.6 - 3.5 million shares, depending on the December price. The offering started late last month. This (in addition with the recent market downturn) may explain recent price erosion. I am not happy that this information was released 23 days after the offering commenced. Were other shareholders notified of the offering before the 10QSB was released? If so, Maintech may have committed selective disclosure. Did I miss an announcement (yes, I know McCaffrey said at the annual meeting that there would be more dilution, but the complexity and magnitude of this offering constitutes material information, IMO). 3. The 10-QSB read like a first draft. The sales review jumped between describing the first quarter, the second quarter, and the year to date. I believe one formula they published for the offering is in error. They also used the terms "share" and "unit" interchangably, mixing in references to "shares of common stock." This confused me when I read the description of the offering. Check it out for yourselves. Maybe I'm just being cranky... sec.gov Pý