Crdentia to exchange preferreds and warrants for common stock

By Sheri Kasprzak

New York, April 5 - Crdentia Corp. said it has opened an exchange offer to the holders of its series C preferred stock and warrants.

The preferreds will be exchanged for shares of series B-1 convertible preferred stock and warrants, which will then be converted into common shares.

The holders of the series C preferreds will receive 500 common shares for every series C share and warrants for 85 shares for every warrant held.

Along with the exchange offer, Crdentia effected a 10-for-1 reverse stock split.

Crdentia, based in Dallas, is a health care staffing services provider.

The stock gained 30 cents Wednesday to close at $5.00 (OTCBB: CRDT).

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