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Willamette Valley Vineyards to raise up to $6 million via sale of 5.3% redeemable preferred stock
By Stephanie N. Rotondo
Phoenix, Aug. 11 – Willamette Valley Vineyards Inc. will sell up to $6 million of 5.3% series A redeemable perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.
The preferreds have an original issue price of $4.15 per share, a price effective through Sept. 30. The company has established a time-based pricing schedule for the preferreds, which pushes the price up by 10 cents for each three-month period, ending Dec. 31, March 31 and June 30.
The preferreds become redeemable June 1, 2021 at the original issue price plus accrued dividends.
The Turner, Ore.-based vineyard will seek admittance of the preferreds to the Nasdaq Capital Market if and when certain criteria are met, including a minimum bid price of $4.00, a minimum “public float” of $3.5 million and no fewer than 100 “round lot” shareholders.
Proceeds will be used to support the development and construction of a winery and tasting rooms in Oregon and Washington.
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