By LLuvia Mares
New York, Aug. 28 - Environmental Tectonics Corp. announced it sold $3.3 million of series C cumulative convertible preferred stock to H.F. Lenfest.
The preferred stock pays a 10% dividend, payable quarterly but deferrable at the company's option until the fifth anniversary.
The preferred stock is convertible into 1,089,108 shares of the company's common stock at a conversion price of $3.03 per share, the closing price on the day before settlement.
In connection with Lenfest series C preferred stock, the company agreed to amend the terms of its existing series B cumulative convertible preferred stock to increase the dividend to 10%, provide immediate conversion at Lenfest's request and to remove the company's right to redeem the series B preferred stock.
Southampton, Pa.-based company Environmental Tectonics specializes in designing, developing, installing and maintaining aircrew training systems, public entertainment systems, process simulation systems and related products for domestic and international customers.
Issuer: Environmental Tectonics Corp.
Issue: Series C cumulative convertible preferred stock
Amount: $3.3 million
| Dividend: | 10%
|
| Shares: | 3,300
|
| Conversion price: | $3.03
|
| Warrants: | No
|
| Investor: | H.F. Lenfest
|
| Settlement date: | Aug. 23
|
| Announcement date: | Aug. 28
|
| Stock symbol: | AMEX: ETC
|
| Stock price: | $3.03 at close Aug. 22, $3.05 at close Aug. 23
|
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