By Laura Lutz
Chicago, Oct. 19 - Aduddell Industries, Inc. closed a $2 million private placement of series A preferred stock.
The company sold 20,000 shares of the preferreds at $100 each.
The series A preferreds bear dividends at 14% per year, payable monthly. Each preferred share is convertible into common stock at any time after the 10th anniversary of issuance.
The conversion price per common share is the volume-weighted average closing price of the stock over the 20 trading days before the conversion date.
Aduddell may redeem the preferred stock at any time at a price equal to the per-share liquidation value of $100 plus any accrued and unpaid dividends.
Proceeds will be used for working capital.
Aduddell is a roofing, restoration and disaster services company based in Oklahoma City.
| Issuer: | Aduddell Industries, Inc.
|
| Issue: | Series A preferred stock
|
| Amount: | $2 million
|
| Shares: | 20,000
|
| Dividends: | 14%
|
| Price: | $100
|
| Conversion price: | VWAP of stock over 20 trading days before conversion
|
| Announcement date: | Oct. 19
|
| Stock symbol: | OTCBB: ADDL
|
| Stock price: | $0.21 at close Oct. 19
|
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