9% series B convertible preferreds sold with warrants to Five Island
By Devika Patel
Knoxville, Tenn., March 15 - Frederick's of Hollywood Group Inc. said it completed a $10 million private placement of 9% series B convertible preferred stock with Five Island Asset Management LLC.
The preferreds are convertible into 40 million common shares at $0.25 per share, which is a 25% premium to the March 14 closing share price of $0.20.
Five Island also received warrants for 10,246,477 shares. The warrants have exercise prices ranging from $0.01 to $1.21 per share.
Frederick's is a New York-based retailer of women's intimate apparel and related products.
| Issuer: | Frederick's of Hollywood Group Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $10 million
|
| Conversion price: | $0.25
|
| Conversion ratio: | Into 40 million shares
|
| Dividends: | 9%
|
| Warrants: | For 10,246,477 shares
|
| Warrant strike prices: | From $0.01 to $1.21 per share
|
| Investor: | Five Island Asset Management LLC
|
| Settlement date: | March 15
|
| Stock symbol: | OTCBB: FOHL
|
| Stock price: | $0.20 at close March 14
|
| Market capitalization: | $7.8 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
