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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: HQ who wrote (5701)	12/1/1998 2:11:00 PM
From: HQ	Respond to of 27311

Oops, didn't read your last message fully before responding (was interrupted; I am at work!). You already addressed the revision to the conversion, to be put to the shareholders during the Jan. 7 meeting. However, didn't it allow a date change as well? (Which would be a good omen, as it would signal that they anticipate a run UP in price that they may like to be in a position to sell into, as you noted.) Thanks again.

To: HQ who wrote (5701)	12/1/1998 2:31:00 PM
From: kolo55	Read Replies (1) \| Respond to of 27311

Well, not quite right. This recent filing was an amendment to the S-3, so these guys have been able to convert at $6.03 and sell to the public all along. I don't really understand the reason to submit an amended S-3 at this time. And you are right on the share count listed in the recent amendment. The 2.352M shares for Castle Creek seems low. The first tranche of $7.5M will result in about 1.31M shares from converting the preferred shares, and 0.45 shares from the warrants, for a total of 1.76M shares. The second tranche of $2.5M will add about 0.42M shares due to conversion and another 0.15M from warrants, for a total of 0.57M shares. Add these two together, and I get 2.33M shares, close to the total of 2.35M listed for Castle Creek in the recent S-3 Amendment No. 2. It appears that the third tranche numbers aren't included in this Amended S-3. The third tranche numbers were included the last S-3 filing, which showed 5.5M shares for Castle Creek, when the stock price used was $3.72 per share. This is confusing. Paul