By Vince Martin:
Back in January I covered the case of Internet Patents Corporation (PTNT, formerly INSW). Internet Patents, then known as InsWeb, had sold its operating business to Bankrate (RATE) in October for $65 million. The stock jumped some 42% on the news, drifted downward, and then rose another 8% on January 11th when the company announced a $5/share special dividend.
The question, as I noted in my earlier piece, was just how much cash PTNT would wind up with — and how many shares would be outstanding, given the company’s existing stock option plan. On Monday the company filed a 8-K with the SEC, updating its share count to 7.06 million, with 823,000 options still outstanding with an exercise price below $8.25. (The stock is trading at $8.09 Friday morning, as I write this.) It also promised an additional update “on or about” February 15th.
Thus, using the new share count