By Sheri Kasprzak
New York, March 7 - Amcon Distributing Co. said it has completed a $2 million private placement of series C convertible preferred stock.
The company issued 80,000 shares of the 6% preferreds at $25.00 each to an affiliate of Draupnir LLC.
The preferreds are convertible into common shares at $13.62 each.
Also, Christopher Atayan, a director of the company, has taken over as vice chairman of Amcon's board of directors.
Chicago-based Amcon distribute beverages, tobacco products and frozen foods.
| Issuer: | Amcon Distributing Co.
|
| Issue: | Series C convertible preferred stock
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| Amount: | $2 million
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| Shares: | 80,000
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| Price: | $25.00
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| Dividends: | 6%
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| Conversion price: | $13.62
|
| Warrants: | No
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| Investor: | Draupnir LLC
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| Settlement date: | March 7
|
| Stock symbol: | Amex: DIT
|
| Stock price: | $10.95 at close March 7
|
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