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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL) -- Ignore unavailable to you. Want to Upgrade?

To: freeway who wrote (38171)	9/30/1998 10:15:00 AM
From: Ward W. Ward	Read Replies (1) \| Respond to of 41046

A couple questions regarding the following excerpt from the 10K. 1. What was the date of issuance, four months from which 20% of the convertibles may be converted? 2. Which of the three triggers for the 18 month automatic conversion apply? Convertible Preferred Stock During the year ended June 30, 1998, the Company issued 740 shares of its Series C convertible preferred stock in a private placement for $7,400,000. 20% of the shares held may be converted to common stock four months after issuance with an additional 20% eligible for conversion each month thereafter, in which the limitation on conversion ends nine months after issuance. Any unconverted shares will be automatically converted to common shares at the later of either 18 months from issuance, the Company's common stock being traded on a national exchange, or the filing of a registration statement covering the resale of the common shares issued upon conversion.