...By: roy_hinkley
06 Jul 2005, 03:07 PM EDT
Msg. 67713 of 67734
(This msg. is a reply to 67712 by stockerup0.)
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yep another registration filing
Guess what,a rehash making sure all 73,000,000
shares are properly registered for sale . How many times do they have to do this same thing?
This is interesting from today's July 6th Filing:
Our 2004 PIPEs Contain Anti-Dilution Protection Provisions Which, If Approved By Our Stockholders, Will Result in Dilution to Stockholders Not Entitled To Such Protection.
Subject to approval by our stockholders, the terms of the Secured 8% Convertible Notes trigger the anti-dilution protection provisions granted to investors in our 2004 PIPEs, as amended, and require that we issue approximately 7.1 million additional shares of our common stock, reprice the 10.7 million warrants issued in the 2004 PIPEs from an exercise price of $0.50 per share to $0.45 per share and grant additional warrants to purchase approximately 1.3 million shares of our Common Stock at an exercise price of $0.325 per share to those investors. Certain investors in the 2004 PIPEs who held shares of our common stock prior to their investment in those transactions and who also continue to be our stockholders have entered into a voting agreement to vote their eligible shares in favor of approval of such anti-dilution entitlements. If approved by our stockholders, the issuance of such additional shares and warrants will dilute the interest of stockholders not subject to such anti-dilution protection rights.
Now since the vote was held on these very items at the annual stockholders meeting on 6-30-2005 it seems incompetent not to announce the results in todays' filing 6 days later.
Gotta register those shares, gotta register those shares, gotta register those shares.
It it a Marr mantra or a SF mantra?
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