77,466,293 shares of our common stock reserved for future issuance under our equity compensation plans, consisting of 25,000,000 shares of Class A common stock reserved for issuance under our 2012 Equity Incentive Plan, and 52,466,293 shares of Class B common stock reserved as of March 31 , 2012
We recently strengthened our balance sheet as a result of our initial public offering, convertible note issuance and the expansion of our revolving credit facility," CEO Matt Salzberg said in the earnings release.
"The board has approved the plan and now we need to seek approvals from our shareholders as well as the regulators in both Hong Kong and Beijing for our new share issuances," he said.
According to the document, a Facebook IPO will result in 2,741,527 shares outstanding (the total number is actually 2,818,994,047, but we're not including the 77,466,293 shares reserved for future issuance in our calculation), which implies a market cap of between $93.2 billion and $104.2 billion.
Before the Civil War, and before issuance of our current national currency in 1862, a full third of circulating American cash was phony.
The problem we have is the uncertainty that surrounds the huge balance sheet and our view that future capital issuance cannot be ruled out.
"We have used a base case assumption of a £200m issuance, as, on our forecasts, this is required to take the net debt/earnings ratio below 3x for 2009.
I see this as a warning sign to the Delaware courts: If you stop this share issuance, we will pull our nifty Fed-backed guarantee.
But in October 1998, Representative Bob Livingston, a Louisiana Republican who then headed the Appropriations Committee, agreed in a letter that "it is in no way our intent to block or delay issuance of OSHA of a proposed rule on ergonomics".
