Investor Fox Encore purchases 44,000 series C convertible preferreds
By Devika Patel
Knoxville, Tenn., Feb. 3 – Vertex Energy Inc. arranged a $4 million private placement of its series C convertible preferred stock with Fox Encore 05 LLC on Jan. 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 44,000 preferreds at about $90.91 apiece. Each preferred has a face value of $100.00.
The preferreds are convertible into 4.4 million common shares.
Based in Houston, Vertex provides services designed to aggregate, process and recycle industrial and commercial waste streams.
| Issuer: | Vertex Energy Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $4 million
|
| Units: | 44,000
|
| Price: | $90.91 (approximate)
|
| Conversion ratio: | Into 4.4 million shares
|
| Warrants: | No
|
| Investor: | Fox Encore 05 LLC
|
| Pricing date: | Jan. 29
|
| Stock symbol: | Nasdaq: VTNR
|
| Stock price: | $1.05 at close Jan. 28
|
| Market capitalization: | $58.4 million
|
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