Equitex completes exchange of 6% series G and series I convertible preferreds

By Sheri Kasprzak

New York, Aug. 31 - Equitex, Inc. said it has finished the exchange of all of its outstanding series G and series I convertible preferreds for series K preferreds.

Four of the holders of the 6% series G and I preferreds received 3,055 shares of 6% series K convertible preferred stock.

The series K preferreds have a stated value of $1,000 and are convertible at $2.75 each or 65% of the current market price.

Connected to the exchange offer, the preferred stock holders received warrants for 175,000 shares, exercisable at $4.50 each for three years.

Based in Englewood, Colo., Equitex markets prepaid stored value cards. The company's stock gained $0.02 on Wednesday to close at $4.57.

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