By Devika Patel
Knoxville, Tenn., July 30 - Bank of Florida Corp. completed a $4.3 million private placement of its series B preferred stock units on July 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 172 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: | $4.3 million
|
| Units: | 172
|
| Price: | $25,000.00
|
| Warrants: | One warrant for 720 shares per unit
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $3.47
|
| Settlement date: | July 20
|
| Stock symbol: | Nasdaq: BOFL
|
| Stock price: | $3.34 at close July 2
|
| Market capitalization: | $42.1 million
|
|
|
| Preferreds
|
| Dividends: | $625 (per preferred, paid quarterly)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
