11.66% series C preferreds to convert at about $1.45 per common share
By Devika Patel
Knoxville, Tenn., Nov. 29 - Edgar Online, Inc. completed a private placement of series C convertible preferred stock on Nov. 22, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $2 million.
The company sold 12,637 preferreds at about $158.2654 per preferred. The preferreds are convertible into common stock at an initial conversion price of $1.4481 per share, a 31.65% premium to the Nov. 19 closing share price of $1.10.
The preferreds have a compounding, cumulative 11.66% per year dividend payable upon conversion. The dividend will stop accruing after Jan. 28, 2015.
Norwalk, Conn.-based Edgar Online provides business and financial information.
| Issuer: | Edgar Online, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 12,637
|
| Price: | $158.265411
|
| Dividends: | 11.66% per year
|
| Conversion price: | $1.4481
|
| Conversion premium: | 31.65%
|
| Warrants: | No
|
| Settlement date: | Nov. 22
|
| Stock symbol: | Nasdaq: EDGR
|
| Stock price: | $1.02 at close Nov. 22
|
| Market capitalization: | $29.41 million
|
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