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Microcap & Penny Stocks : Microvision (MVIS) -- Ignore unavailable to you. Want to Upgrade?

To: Razorbak who wrote (2416)	4/14/1999 10:55:00 AM
From: dwight martin	Respond to of 7720

bak, you have referred him to the out-of-date pr.

To: Razorbak who wrote (2416)	4/15/1999 1:51:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 7720

Razor, I've scanned portions of the 10-K and found the operative language concerning the latest $6 million financing. (Securities Purchase Agreement toward the end of the filing). The terms of the financing are 440,893 shares sold at $13.61 for $6 million. (Not counting the warrants) However, the number of shares sold for the $6 million can be increased upward to a maximum of 666,667 shares if the share price falls below $13.61 before the "Adjustment Date." (the date the Registration Rights Agreement is declared effective by the SEC). Therefore, the actual number of shares issued as a result of this financing could actually be as much as 50% more than the 440,893 if the price of the stock falls. Another way of looking at it is that the purchaser has protection if the price falls to as low as $9.50. The number of shares the purchaser acquires increases as the price of the stock falls (should it fall), until it reaches $9.50. Under the $9.50 level, there are no further shares issued. At least, that's the way I read it.