RPC...reason for the collapse yesterday?
filed Apr 08 (yesterday)
We Believe Our Plan Provides Significant Value to Our Existing Stockholders Despite the Dilution : We believe that the Plan will provides RPC with enough robust financial resources to make RPC’s IVD business a huge success. Yet, the Plan calls for the conversion of up to $6.3 million in various debt obligations, the sales of up to 30 million new shares and the creation of a new incentive stock option plan for management and employees of up to a total of 6 million shares. If all of the Proposals in this Proxy Statement are approved and the proposed transactions are completed at the floor pricing of $0.28 per share, the number of outstanding shares of common stock will be 87,970,363. Although t his would result in an effective dilution for existing stockholders of approximately 287%, the Company and our stockholders will receive approximately $11.4 million in new capital, the potential conversion of up to $9.6 million in warrants and the elimination of approximately $6.3 million in debt, which may provide a combine improvement in the Company's balance sheet by approximately $27.3 million.. Management believes that the plan will be sufficient to cure the deficiencies cited by the NYSE-AMEX to satisfy their Continuing Listing Standards and remain in compliance therewith.
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