Mandatorily convertible perpetual preferreds convert at $0.70 a share
By Devika Patel
Knoxville, Tenn., Aug. 9 - FNBH Bancorp, Inc. increased its private placement of series B mandatorily convertible non-cumulative junior participating preferred stock to $17.1 million on Aug. 7, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced for $7.5 million on June 14.
The preferreds will be convertible into common stock at $0.70 per share, which is a 72% discount to the June 13 closing share price of $2.50. The securities are convertible into about 24.4 million shares.
Stanley B. Dickson Jr., a director of the company and the largest beneficial owner of its stock, is investing $7.5 million
FNBH is a Howell, Mich., bank holding company.
| Issuer: | FNBH Bancorp, Inc.
|
| Issue: | Series B mandatorily convertible non-cumulative junior participating preferred stock
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| Amount: | $17.1 million
|
| Conversion price: | $0.70
|
| Conversion ratio: | Into about 24.4 million shares
|
| Conversion premium: | 72%
|
| Warrants: | No
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| Investor: | Stanley B. Dickson, Jr. (for $7.5 million)
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| Pricing date: | June 14
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| Upsized: | Aug. 7
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| Stock symbol: | OTCBB: FNHM
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| Stock price: | $2.50 at close June 13
|
| Market capitalization: | $48.43 million
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