MedicalCV completes redemption of series A convertible preferreds

By Sheri Kasprzak

New York, Jan. 9 - MedicalCV, Inc. said it repurchased more of its outstanding 5% series A convertible preferred stock, completing the previously announced redemption.

The company issued 8,360,209 common shares in exchange for 2,717 preferreds.

On Dec. 22, the company repurchased 14,988 shares of the preferred stock in exchange for 45,068,916 common shares.

As already reported, MedicalCV reduced the strike price of outstanding warrants for 22,969,500 shares to $0.325 each from $0.50 each. The expiry of those warrants was accelerated to Jan. 6, 2006 from April 1, 2010.

Based in Minneapolis, MedicalCV develops medical devices used to treat cardiovascular disorders.

On Jan. 6, when the repurchase was completed, the company's stock closed unchanged at $1.00.

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