John,
As expected, Castle Creek and partners went for a partial conversion at $6.79/share. If shorts were covered at much lower prices, say $4-5, that was an impressive profit for the hedge fund. Sound familiar? jmo. Ram
Lumenon Innovative Lightwave Technology, Inc. Note Holders Convert Portion of Notes Into Common Stock
Partial Conversion by Institutional Investors Into 1.98 Million Shares
ST-LAURENT, Quebec--(BUSINESS WIRE)--Dec. 12, 2000-- Lumenon Innovative Lightwave Technology, Inc.
(NASDAQ NM: LUMM - news), a developer and manufacturer of high-quality optical devices for the global
telecommunications, data communications and cable markets, announced today that two institutional investors have converted notes valued at US$13.45 million into 1.98 million shares of Lumenon's common stock. To date, a total of US$20.5 million of these notes have been converted into 2.6 million shares.
The investors are holders of the Company's convertible notes issued as part of a US$35 million financing announced in July 2000. As part of the transaction, the holders of the interest bearing notes are entitled to convert the notes into Lumenon common stock at a conversion price based on the closing bid price of the common stock for the five trading days prior to conversion, with a ceiling of US$25 and a floor of US$7. |
