Printer Friendly

BOWMAR INSTRUMENT CORP. ANNOUNCES PRELIMINARY APPROVAL RECEIVED FOR LISTING OF PREFERRED STOCK ON AMERICAN STOCK EXCHANGE

 BOWMAR INSTRUMENT CORP. ANNOUNCES PRELIMINARY APPROVAL RECEIVED
 FOR LISTING OF PREFERRED STOCK ON AMERICAN STOCK EXCHANGE
 PHOENIX, Sept. 9 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) announced today that it had received preliminary approval from the American Stock Exchange to list its senior voting cumulative convertible preferred stock which is being offered in exchange for up to $3.5 million principal amount of Bowmar's convertible subordinated debentures. Final approval for listing the preferred stock is subject to filing a formal application with the American Stock Exchange, which the company intends to submit in the near future. The exchange offer commenced on Aug. 7, 1992, and unless extended, will expire Sept. 21, 1992.
 As previously announced, Bowmar is offering 40 shares of convertible preferred stock for each $1,000 principal amount of convertible debentures, and the convertible preferred stock will have an annual cumulative dividend of $2.44, yielding approximately 9.76 percent. The convertible preferred stock is not subject to mandatory redemption and will be non-callable until Jan. 1, 1998, and will be callable thereafter at the company's option. Each share of convertible preferred stock will be convertible into 13.33 of Bowmar common stock, which amounts to a conversion price of $1.875 per common share based on the liquidation preference and redemption value of the preferred of $25.00 per share.
 The company is offering to exchange up to $3.5 million principal amount of debentures and the exchange is conditioned upon at least $2.5 million principal amount being tendered to the exchange agent, American Stock Transfer Co. The company reserves the right to accept more than $3.5 million principal amount of debentures if submitted for exchange. At the present time there are approximately $5.4 million principal amount of debentures outstanding.
 Bowmar, which is headquartered in Phoenix, manufactures and sells electronic and electromechanical products with specific applications in the aerospace, electronic, computer and communications industries. The company's manufacturing facilities are in Fort Wayne, Ind., and Phoenix.
 -0- 9/9/92
 /CONTACT: Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271/
 (BOM) CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU:


BP-JB -- LA007 -- 7381 09/09/92 09:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 9, 1992
Words:362
Previous Article:MOTOROLA CONTINUES WORLDWIDE TECHNOLOGICAL LEADERSHIP WITH INTRODUCTION OF LIGHTEST CELLULAR TELEPHONE
Next Article:BLUE CROSS AND BLUE SHIELD OF FLORIDA APPEALS TO POLICY HOLDERS IN AREAS AFFECTED BY HURRICANE ANDREW
Topics:


Related Articles
BOWMAR INSTRUMENT CORP. DECLARES PREFERRED DIVIDEND
BOWMAR INSTRUMENT CORP. DECLARES PREFERRED DIVIDEND
BOWMAR INSTRUMENT CORP. DECLARES PREFERRED DIVIDEND
BOWMAR INSTRUMENT CORP. DECLARES PREFERRED DIVIDEND
BOWMAR INSTRUMENT CORPORATION DECLARES PREFERRED DIVIDEND
BOWMAR INSTRUMENT CORPORATION DECLARES PREFERRED DIVIDEND
Bowmar Instrument Corporation Declares Preferred Dividend
Bowmar Instrument Corporation Declares Preferred Dividend
Bowmar Instrument Corporation Declares Preferred Dividend
Bowmar Instrument Corporation Declares Preferred Dividend

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters