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Velocity Asset Management plans to sell $10 million convertible preferreds
New York, Dec. 1 - Velocity Asset Management, Inc. registered to sell up to $10 million of convertible preferred stock in an SB-2 filing with the Securities and Exchange Commission.
The company will sell up to one million shares at $10.00 per share.
The deal will structured as 500,000 shares on a best-efforts, all-or-none basis and a further 500,000 shares on a best-efforts basis.
Anderson & Strudwick, Inc. is the underwriter.
Velocity, a Ramsey, N.J., distressed asset management and liquidation company, will use proceeds to buy portfolios of unsecured consumer receivables, to purchase distressed real property, to repay outstanding convertible debt and for general corporate purposes, including working capital.
Neither the dividend nor the conversion price has been set so far.
The preferreds will be perpetual and will be callable in 2008 at $10.80, in 2009 at $10.40 and in 2010 onwards at the liquidation preference.
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