David Crossen, Cortech Inc.'s (NASDAQ:CRTQ) president andchief executive officer, announced Friday that the commonstock conversion rights issued in conjunction with the 46million units Cortech, of Denver sold in its Nov. 24 1992 IPOhave expired. The conversion rights detached and have tradedseparately from the common stock since Jan. 8, 1993.
The conversion rights expired because the average of theclosing prices of Cortech's common stock units on NASDAQ priorto the separation date and the company's common stock afterthat date exceeded $12 per share, or 50 percent above theinitial offering price of $8, for the past 40 consecutive tradingdays, as per terms outlined in the prospectus.
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