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Tuesday, September 02, 2008 10:23:50 AM
E.g, if the 30-day low price were to go to 5 cents a share: under the old formula, the exercise price would be 97% of 5 cents (or 4.85 cents a share), but under the new formula, they can convert at 2 cents a share (a discount of 60%, not 3%).
So under the new formula, they are now positioned to get a lot of heavily discounted shares if the price goes over 2 cents a share.
They don't call it a "hedge" fund for nothing.
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