Fonix exchanges series J preferreds for series K preferreds

By Sheri Kasprzak

New York, Feb. 7 - Fonix Corp. said it has exchanged its series J convertible preferred stock for series K preferreds.

Southridge Partners, LP exchanged 1,093 shares of its series J convertible preferred stock for 1,093 shares of series K convertible preferreds.

The series K preferreds pay annual dividends at 5% and are convertible into common shares at $0.01 each.

The preferreds may be redeemed at 110% of the face value plus dividends.

The series K preferreds have a liquidation preference of $1,000.

The series J preferreds also carried annual dividends at 5%.

Fonix, based in Sandy, Utah, provides telecommunications services to resident and business customers in Asia, Europe and the United States.

On Tuesday, the company's stock lost $0.0009, or 3.46%, to close at $0.0251.

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