Millennium Cell agrees to convert half of outstanding series C2 convertible preferreds

By Sheri Kasprzak

New York, May 31 - Millennium Cell Inc. agreed to convert half of its outstanding series C2 convertible preferred stock.

The preferreds will be converted into common shares at $2.00 each before June 15.

The amendment to the terms of the preferreds also provides an extension until June 15 for conversion of the remaining $600,000 in preferred stock covered under the agreement.

There is another $2 million in series C2 preferreds not covered by the amendment that mature in April 2008.

The 7% preferreds were issued in April 2005.

Based in Eatontown, N.J., Millennium develops hydrogen battery technologies.

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