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

To: jcox who wrote (6124)	12/19/1998 5:30:00 PM
From: Dennis V.	Respond to of 27311

jcox; Sounds good to me. eom

To: jcox who wrote (6124)	12/19/1998 8:40:00 PM
From: Zeev Hed	Respond to of 27311

jcox, I read the following in the most recent 424B3 (See: sec.gov (ii) a conversion price which is $6.03 per share until July 28, 1999 (or January 27, 1999 in the event the Company has not signed and announced a material contract or contracts for the sale of batteries by January 27, 1999). After the applicable date (which now is July 28, 1999), the conversion price will be the lower of $6.03 and 101% of the average of the two (2) lowest of the closing bid prices of the Common Stock for a period of 10-15 consecutive trading days ending on the trading day immediately preceding the conversion date (the "Variable Conversion Price"). Thus, the July 28, 1999 does not have any condition on it. Of course within the next few days, we should see another S-3 for the new preferred, and we will be all wiser. I should not that the floor is quite punitive, often it is the average closing bid over a period prior to conversion, here it is the average lowest closing bid in two days over a period, this allows for quite some manipulation of the price on such two days. Zeev