Del Global Technologies of Valhalla, NY, said it has received relief from the U.S. Securities and Exchange Commission for filing selected financial data for fiscal years 1999 and 1998. The company had previously determined that it could not prepare reliable statements of operations for these fiscal years consistent with generally accepted accounting principles due to a turnover in personnel, and the absence of records necessary to recreate the financial statements for those years.
The receipt of relief permits the firm to file a form S-1 registration statement with the SEC covering the issuance of 1 million shares underlying the warrants that Del issued as part of its previously disclosed settlement of a shareholder class-action lawsuit. The firm also expects that the relief ruling will allow it to apply for listing on a U.S. stock exchange.
If the SEC declares the registration statement effective, shareholders will be able to exercise the warrants issued for Del common stock at a price of $2 per share. The warrants are also callable by the firm at a price of 25¢ per warrant, if its common stock trades at or above $4 per share for 10 consecutive days, according to Dell.
By AuntMinnie.com staff writersJanuary 21, 2003
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