By Sheri Kasprzak
New York, Oct. 20 - National Investment Managers Inc. said it has completed a private placement of series B cumulative convertible preferred stock for $2,965,000.
The company sold 2,965,000 shares of the preferreds at $1.00 each to 23 accredited investors.
Each preferred is convertible into two common shares. The preferreds will automatically be converted into common shares upon the closing of a commitment-underwritten public offering for at least $10 million at a price per share of at least $2.00.
The holders are also entitled to dividends at $0.12 per share, payable semiannually.
New York-based National Investment is a holding company that acquires pension plan administration and investment management businesses.
| Issuer: | National Investment Managers Inc.
|
| Issue: | Series B cumulative convertible preferred stock
|
| Amount: | $2,965,000
|
| Shares: | 2,965,000
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| Price: | $1.00
|
| Conversion ratio: | Into two common shares for each preferred
|
| Dividends: | Equal to $0.12 per preferred share
|
| Call: | Automatically converted into common shares
|
| Warrants: | No
|
| Settlement date: | Oct. 18
|
| Stock price: | $1.80 at close Oct. 18
|
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