eWellness plans $50 million $25-par 13% perpetual preferred stock

By James McCandless

San Antonio, Feb. 5 – eWellness Healthcare Corp. plans to price a $50 million offering of $25-par series B cumulative redeemable perpetual preferred stock with a dividend of 13%, according to a filing with a Securities and Exchange Commission.

International Financial Enterprise Bank is the escrow agent.

Dividends are payable on the 15th day of each month.

The preferreds are redeemable after three years. Prior to that, the preferreds are redeemable within 120 days after a change of control.

eWellness plans to use the proceeds for funding dividends, repaying debt, working capital and general corporate purposes.

The company plans to list the preferreds on the OTC or OTCQB under the potential symbols “EWLLU,” “EWLLB” or “EWLLW.”

eWellness is a Culver City, Calif.-based tele-medicine company.

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