KENT, Wash., April 20 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading supplier of
ultrahigh-pressure waterjet products, today announced its intention to
convert all remaining common stock warrants issued in connection with its
Private Investment in Public Equity transaction completed March 21, 2005
("PIPE Transaction"). In connection with the PIPE Transaction, the Company
issued warrants entitling the holders to purchase up to 1,747,307 shares of
the Company's common stock. To date, warrant holders have purchased 421,738
shares of common stock through exercise of warrants.
The terms of the PIPE transaction allow the Company to force conversion
of outstanding warrants to common stock if certain conditions are met. One
of the most significant conditions is that the closing price for the
Company's stock for each of the 20 consecutive trading days prior to the
date of the notice of conversion exceeds $8.14. This condition has been
satisfied. Another significant condition is that the shares issuable upon
exercise of the warrants must be registered. This condition was satisfied
when the Company's Form S-1 registration statement was declared effective
on February 22, 2006. The conversion of the warrants to common stock will
be completed as a cashless exercise, with each warrant holder receiving a
number of shares based on the formula set forth by the warrant.
Pursuant to the terms of the warrants, the exercise date will be April
28, 2006, the fifth trading day following the day the Company notified the
warrant holders of the conversion.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet cutting technology to
industries including automotive, aerospace, job shop, surface preparation,
and more. For more information, visit http://www.flowcorp.com.
John Leness
Corporate Counsel
1-253-850-3500
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com/
CONTACT:
John Leness, Corporate Counsel of Flow
International Corporation, +1-253-850-3500
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