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Monday, July 18, 2005 1:45:49 PM
My understanding is that the maximum that you are referring to in your post is an estimate for calculating the registration fee only. The estimate is normally taken the a day to a week before the filing of the r/s but its normally for a single day; therefore, if the pps post split range for the day in question is from 15 to 19 the maximum would be 17 for registration fee purposes.
You wrote: If the pps goes higher than that, will the shares still be transacted at a maximum price of .17 cents or will there need to be a new filing to accomodate a higher price? One would hope that if the pps exceeded that value, then Dutchess would have to buy the shares at a discount to market price and not the fixed price from the filing.
My understanding is that DNAG would not have to refile. Also, Dutchess buys DNAG shares at 96% of the average of the two lowest closing bid prices during a trading period. This period is during a 5 days period after DNAG gives Dutchess a put notice. Therefore, I do not think Dutchess will be buying DNAG shares at a fixed price.
Hope this helps,
Big Blue
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