OriginClear plans $19,145,000 offering of 10% $25-par preferred stock

By James McCandless

San Antonio, April 6 – OriginClear Inc. plans to price a $19,145,000 offering of $25-par series M preferred stock with a dividend of 10%, according to a press release and a filing with the Securities and Exchange Commission.

Dalmore Group, LLC is the broker-dealer.

Also included in the offering is up to 300 million shares of common stock.

Dividends will be payable monthly.

The preferreds are redeemable on or after the first anniversary of the original issuance date at par. They are also convertible into common stock at a price equal to 80% of the average closing price of the common stock from the previous five trading days.

OriginClear plans to list the preferreds on the OTCQB.

The company plans to use the proceeds for general corporate purposes, including working capital.

OriginClear is a Los Angeles-based water treatment company.

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