Excelsior-Henderson Motorcycle Manufacturing Company Announces the Sale of $10 Million of Series D Convertible Preferred Stock.BELLE PLAINE Belle Plaine may refer to:
Excelsior-Henderson Motorcycle Excelsior-Henderson Motorcycle Company was founded by Dan Hanlon and Dave Hanlon (brothers) who secured the rights to the defunct Excelsior-Henderson trademark in 1994. The two brothers found a number of investors and built a state-of-the-art factory in Belle Plaine, Minnesota. Manufacturing Company (Nasdaq: BIGX) today announced the closing of a private placement of $10 million of Series D 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". with two institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . The financing was arranged by Shoreline Pacific Institutional Finance, the Institutional Division of Financial West Group of Sausalito, California Sausalito is a city in the San Francisco Bay Area situated in Marin County, California, United States. The population was 7,330 as of the year 2000 census. Viña del Mar, Chile, home to "Sausalito" stadium and "Sausalito" lagoon, is a sister city of Sausalito, which features a . "The proceeds of this private placement will be used primarily to fund working capital needs and for general corporate purposes," said Thomas M. Rootness, Senior Vice President and Chief Financial Officer. The conversion price of the Series D 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. is $7.65, a ten percent premium over the recent market price, and is fixed for at least the first twelve months after closing. Thereafter, the conversion price may vary based upon the market price of the Company's common stock during the period immediately preceding conversion. The Series D Preferred Stock includes a dividend of six percent payable in cash or stock at the Company's option. The investors also received warrants to purchase 350,000 shares of the Company's common stock. Excelsior-Henderson Motorcycle Manufacturing Company manufactures, markets and sells premium heavyweight American cruiser motorcycles, as well as related parts, apparel and accessories branded with a name that evokes an authentic American motorcycling heritage and lifestyle. The Company distributes its products through a national dealer network. Excelsior-Henderson is one of only two authentic American motorcycle companies exclusively committed to the manufacture of motorcycles. |
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