CD Radio Extends Exchange Offer.WASHINGTON, D.C.--(BUSINESS WIRE)--November 17, 1997--CD Radio Inc. (Nasdaq:CDRD CDRD - Centre for Drug Research and Development (Vancouver BC, Canada) CDRD - Contract Data Requirements Document CDRD - Cutaneous Drug Reaction Database) announced today that it has extended the expiration date of its offer to exchange its new 10 1/2% Series C convertible preferred stock for up to all of the outstanding shares of its 5% delayed convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares".Notes: Most convertible preferred stock is exchanged at the request of the shareholder, but sometimes there is a provision that allows the company (or issuer) to force conversion. to midnight on Monday, November 17, 1997. As of Friday, November 14, 1997, the Company had received tenders to exchange 4,984,088 shares of its 5% delayed convertible preferred stock, representing more than 95% of such stock. CD Radio holds one of two FCC national satellite radio broadcast licenses. The Company is building a satellite-to-car 50 channel radio system for the broadcast of music and other programming to motorists throughout the United States. CONTACT: For further information: www.cdradio.com or David Margolese, 202-296-6192 |
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