Willamette Valley Vineyards offers more 5.3% cumulative preferreds

By Wendy Van Sickle

Columbus, Ohio, Oct. 3 – Willamette Valley Vineyards, Inc. is offering up to 233,564 shares of its 5.3% series A cumulative preferred stock (Nasdaq: WVVIP), the company said in a prospectus filing with the Securities and Exchange Commission on Monday.

The offering has a liquidation preference of $4.15 per share for $969,290 principal amount. The preferreds are expected to be offered at a premium to their par value, resulting in proceeds of up to $1,226,211.

For Oct. 3 to Oct. 31, the shares will be sold at $5.25 apiece. From Nov. 1 to Dec. 31, the price is $5.35 each.

The minimum purchase is 300 shares, and the maximum is 2,300 shares.

The preferreds are redeemable at any time at a redemption price of $4.28 per share.

Proceeds will be used to support vineyard and winery developments and may also be used for working capital purposes.

Willamette Valley Vineyards is based in Turner, Ore.

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