UCN to redeem series A, series B convertible preferreds

By Ted A. Knutson

Washington, Jan. 3 - UCN Inc. said it will redeem all its series A and series B convertible preferred stock on Jan. 29.

The Bluffdale, Utah-based telecommunications services provider made the announcement to all of the holders of the shares in a Dec. 29 letter, according to an 8-K filing with the Securities and Exchange Commission.

There are 1.754 million shares of series A preferreds outstanding with a total redemption value of $3.5 million. The 397,800 shares of series B preferreds outstanding have a redemption value of $4 million. Holders of each series are entitled to convert their preferred shares to common stock prior to Jan. 29.

If all of the series A preferreds are converted to common, UCN will issue an additional 1.754 million shares of common stock. If all of series B is converted, the company will issue an additional 1,989,000 shares of common stock.

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