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Pastimes : Georgia Bard's Corner -- Ignore unavailable to you. Want to Upgrade?

To: Bill Brown who wrote (5591)	5/19/1999 12:41:00 AM
From: Ga Bard	Read Replies (3) \| Respond to of 9440

From UNIVEC, INC. filings. Lots of 13Ds for millions of shares. One of the 13ds has this statement ... (1) Based on 66,409,943 Shares of the Issuer reported to be outstanding as of April 9, 1999 plus 2,057,500 shares issuable upon the exercise of currently exercisable stock options. An another has this ... Dilutive Effect of Conversion of Series B and Series C Preferred Stock. If the holders of the series B and 10 series C convertible preferred stock had converted their shares on March 9, 1999, the conversion rate would have been approximately 1,237 shares of common stock per share of series B or series C convertible preferred stock. The conversion would have resulted in the issuance of 1,177,100 shares of common stock, or approximately 33.9% of the outstanding shares before conversion. Furthermore, if the market price of our common stock were to decline, we would be required to issue additional shares on conversion of the series B and series C convertible preferred stock. Accordingly, the conversion of our series B and Series C convertible preferred stock could have an immediate and significant adverse effect on the market price of our common stock and would result in substantial dilution to other stockholders. :-) GB