OmniComm swaps 1.75 million series A preferred shares for common stock

Holders agree to forego $1.12 million of accrued dividends

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – OmniComm Systems, Inc. will exchange 1,745,880 shares of series A convertible preferred stock for 6,983,520 new shares of its common stock under agreements it entered with some holders of the preferreds, according to an 8-K filing with the Securities and Exchange Commission.

All accrued dividends, totaling about $1,120,488, were waived under the agreements, which were signed on Jan. 28, Feb. 1, Feb. 4, Feb. 8 and Feb. 11.

The newly issued common shares amount to 5.4% of OmniComm’s outstanding shares as of Feb. 11 without giving effect to 7,643,376 new shares reported in January.

Based in Ft. Lauderdale, Fla., OmniComm is focused on electronic data capture services for clinical trials.

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