Panda Project sucessfully completes warrant call.
Under the terms of that offering, the company was entitled to call the warrants for redemption at a redemption price of $.10 per warrant when the company's common stock reached the bid price of $9 per share or higher for 20 consecutive trading days. The company announced its intention to call the warrants for redemption on Dec. 12, 1994.
A total of 1,149,735 warrants, representing approximately 99.98% of the total warrants issued, were exercised as of Jan. 31, 1995, the last day these warrants could be exercised. Each warrant entitled the holder to purchase one share of common stock at $6 per share. On Feb. 8, 1995, the closing price for the company's common stock was $13.25 per share.
The proceeds from the exercise of the warrants will be used to meet working capital requirements related to the introduction and sales of the company's Archistrat(TM) 4 Servers and workstations targeted to begin in March and April, 1995. Proceeds will also be used to fund the marketing and production of the company's VSPA semiconductor packages, and for other corporate purposes.
The Panda Project develops and markets advanced, high density interconnects and semiconductor packages for use on printed circuit boards, and the innovative, highly flexible, Archistrat(TM) 4 Server and workstation that uses its interconnect technology.
CONTACT: The Panda Project Inc.
Jeff L. Mehler, 407/994-2300
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|Date:||Feb 9, 1995|
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