By Devika Patel
Knoxville, Tenn., July 2 - Bank of Florida Corp. completed a $4.13 million private placement of its series B preferred stock on July 2, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 165 units priced at $25,000.00 apiece. Each unit consists of one series B preferred and one warrant for 720 common shares.
Each preferred is convertible into any securities the company may offer via future financings. If a financing is not completed by Jan. 1, 2011, the company must redeem the preferreds.
The preferred stock pays a quarterly dividend of $625 per share.
The warrants are exercisable at $3.47 for 10 years.
Bank of Florida is a bank holding company based in Naples, Fla.
| Issuer: | Bank of Florida Corp.
|
| Issue: | Units of one series B preferred share and one warrant for 720 shares
|
| Amount: | $4,125,000
|
| Units: | 165
|
| Price: | $25,000.00
|
| Warrants: | One warrant for 720 shares per unit
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $3.47
|
| Settlement date: | July 2
|
| Stock symbol: | Nasdaq: BOFL
|
| Stock price: | $3.34 at close July 2
|
| Market capitalization: | $43.3 million
|
|
|
| Preferreds
|
| Dividends: | $625 (per preferred, paid quarterly)
|
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