Nobel Learning to redeem series A, series C convertible preferreds

By Caroline Salls

Pittsburgh, Nov. 29 - Nobel Learning Communities Inc. will redeem its series A convertible preferred stock and series C convertible preferred stock Dec. 30 at a price of $1 per share, according to a company news release.

Holders of the series A stock can convert their shares into 0.2940 shares of Nobel Learning common stock prior to the redemption date and holders of the series C preferreds can convert into 0.25 shares of common stock.

If all shares of series A and series C stock are redeemed, the cost to the company will be $3 million, the release said. If all are converted, the number of shares of Nobel Learning common stock will increase by 800,000 shares.

Nobel Learning is a West Chester, Pa.-based for-profit provider of education and school management services for the pre-elementary through 12th grade market.

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