This would be the latest in a series of convertible bond issuances by Cypress. But this time the scenario was quite dissimilar.
The last contributions were in 2000 when Cypress's stock price was trade in the $40 to $50 range for the year and had, in fact, reach a high of $57.75 in May 2000. The picture had changed drastically in the last three years. One day earlier, on May 16, 2003, the closing price was $10.51. Naturally, the scenario had been the same for nearly all high tech stocks, but that did not make the outlook of issuing an equity-based security any less painful given the present stock price.
PUBLICATION DATE: October 14, 2008 PRODUCT #: UV1049-PDF-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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