Marchex buys back 132,379 shares of 4.75% convertible preferreds

By Jennifer Chiou

New York, Dec. 7 - Marchex, Inc. said it repurchased 132,379 of the 142,137 outstanding shares of its 4.75% convertible preferred stock at $195.00 per share.

Previously, on March 15, the company issued 824,978 class B common shares in exchange for 80,848 shares of the 4.75% convertibles. The conversion rate was $24.50 per share or 10.2041 class B shares for each preferred share. Investors also received $12.00 in cash per share of preferred stock in order to encourage the early conversions.

The company said 9,758 of the convertible preferred shares remain outstanding.

Based in Seattle, Marchex is focused on search marketing, local search and direct navigation for online consumer activity.

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