CompuCredit to Issue Series A Cumulative Convertible Preferred Stock.ATLANTA--(BUSINESS WIRE)--July 28, 1999-- CompuCredit Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCRT CCRT Core Conflictual Relationship Theme CCRT Conseil Canadien de la Réadaptation et du Travail (Canadian Council on Rehabilitation and Work) CCRT Cape Cod Rail Trail (Massachusetts, USA) ) today announced that it will offer $100,000,000 (2,000,000 shares) of Series A Cumulative 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". to certain institutional investors in a private placement exempt from registration. The Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. will have a liquidation preference of $50 per share. CompuCredit will grant the initial purchasers of the Preferred Stock an option to purchase an additional 300,000 shares to cover over-allotments. The Preferred Stock has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from the registration requirements. CompuCredit expects to use the proceeds of the Preferred Stock to finance the growth of its business through the origination and purchase of credit card receivables and for marketing costs, working capital and other general corporate purposes. The offering is currently scheduled to close in August 1999. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion