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Technology Stocks : XYBR - Xybernaut -- Ignore unavailable to you. Want to Upgrade?

To: Cube who wrote (2048)	2/20/1999 10:37:00 PM
From: LT	Respond to of 6847

Conversion of those warrants would mean more dilution for the common, if I understand this correctly. There is already one share of common stock set aside for every warrant issued, so there is no "creating additional shares" when the warrants are executed. The execution there of, looks very unlikely at this point, unless a huge change in share value occurs in the next 150 days. That, of course, would require some news to up the share value. Anyone at XYBR listening?????????? LT

To: Cube who wrote (2048)	2/20/1999 11:08:00 PM
From: Dave Shoe	Read Replies (2) \| Respond to of 6847

Xybernaut gets $7.75 or so for each Warrant redeemed. This sounds as though it leans more toward a cash infusion than stock dilution to me. Not fully understanding the dynamic of warrants, I can see where your "company tactics" angle might be right. Still, I believe it's more likely that either the execs just aren't the chatty type (this would be good) or that they are busy doing damage control (this would be bad). Allowing the warrants to expire with real value would seem to be beneficial for future stock and warrant offerings at Xybernaut. Certainly the buyers who bought warrants at the original $6.00(?) price might return for the next offering. More importantly, it would mean that sales are climbing. News should soon tell whether the company remains on their 25,000 annual production course. If so, and if the investment banker is right, then the stock price should jump and the warrants should end up with good value. I sure have trouble betting on it, though. They had better start putting some meat into their news releases, too. Wishy doesn't wash here. They need to tell us what they told that investment banker who gave em the 'speculative buy' rating (Does he give the same rating to the warrants?). Why does he get the info and not us? As far as MMs playing with the warrant price, there is so little volume, and so little spread to scalp, that any MM who told his boss he was wasting time with XYBRW would probably be looking for a new job. Shoe.