TSI Corp. on Friday announced that it expects to gross $13.5million by exercising its right to redeem its class B, C and Ewarrants.
The warrants are redeemable through April 29. The class B andC warrants are redeemable for one share of TSI common stock(NASDAQ:TSIN) at $3.35 per share. Each class E warrant may beexercised to purchase one share of common stock at $2.50 pershare. A total of 4.1 million shares are issuable upon exercise ofthe warrants. TSI common stock closed Thursday at $5.25.
TSI of Worcester, Mass., raised $3.7 million last June when itredeemed its class A and bridge warrants.
TSI still has outstanding 100,000 class D warrants issued toBiogen Inc. of Cambridge, Mass., in exchange for a license onBiogen technology.
An additional 746,000 shares are issuable to EG&G Inc. ofWellesley, Mass., which received preferred stock in TSI MasonResearch Institute Inc. when TSI purchased Mason in December1989. EG&G has the right to exchange all of the $2.5 million ofoutstanding preferred stock of Mason for these common shares.
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