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

To: kolo55 who wrote (9594)	3/20/1999 3:11:00 PM
From: Larry Brubaker	Read Replies (2) \| Respond to of 27311

Keep trying, Paul. On June 30, 1998, one month before the original deal with Castle Creek, there were 25.3 shares outstanding. By February 5, there were 26.7 million shares outstanding. By February 5, there was plenty of time to account for both tranches of the preferred shares. The share increase between June 30 and February 5 was only 1.4 million. This is well below the minimum of 2.5 million additional shares that would have to be added to account for the preferred shares. And this does not include over 800,000 additional shares for warrants that are in-the-money. Conclusion, the 1.4 million of additional shares from June to February includes options exercised, warrants exercised, and preferred shares converted to common, but does not include preferred shares not yet converted.