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Strategies & Market Trends : Death Spiral Preferred Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (11)	8/16/1998 6:55:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 47

Zeev, Valence Technology just did a financing of floorless convertible preferred shares. There is an interesting twist in that the variable price conversion only happens if VLNC does not announce a material contract for selling their lithium polymer batteries by January 27, 1999. If they announce a material contract by then, then the conversion is at a fixed price which is a premium to today's price. Stock price has not done well since the financing announcement. I know you've followed VLNC in the past. Any comments on this interesting "hybrid?"