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Quidel

This article was originally published in The Gray Sheet

Executive Summary

Debt holder Amoco Technology Company converts a 7.9% note for $2.4 mil. plus $658,839 in interest into 428,532 shares of Quidel common stock at a $7.14 per share conversion price. The note was issued in 1990 and "would have become convertible at the option of Quidel in August of this year at the same conversion price," according to Quidel. The maker of rapid diagnostic tests announced the retirement of $4 mil. in 12% unsecured long-term debt earlier this month ("The Gray Sheet" July 19, p. 22). The firm says the two transactions increase shareholder equity by 72% over the March 31 level.

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