By Laura Lutz
Des Moines, Dec. 5 - Avantair Inc. completed a $4 million private placement of series A convertible preferred stock.
The company sold 40,000 shares of the preferreds at $100 each.
This placement carried the same terms as the $11.2 million private placement that Avantair announced on Nov. 14.
The preferreds bear a dividend at 9% per year, payable quarterly. They are convertible into common stock at $5.15 per share.
Proceeds will be used for working capital.
Avantair is fractional aircraft operator based in Clearwater, Fla.
| Issuer: | Avantair Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $4 million
|
| Shares: | 40,000
|
| Dividend: | 9%
|
| Price: | $100
|
| Conversion price: | $5.15
|
| Warrants: | No
|
| Announcement date: | Dec. 5
|
| Stock symbol: | OTCBB: AAIR
|
| Stock price: | $4.43 at close Dec. 5
|
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