Printer Friendly

SKOLNIKS FOLLOWS UP ON OCT. 12, 1992 ANNOUNCEMENT

 SKOLNIKS FOLLOWS UP ON OCT. 12, 1992 ANNOUNCEMENT
 MOORESTOWN, N.J., Oct. 14 /PRNewswire/ -- Skolniks Inc.


(NASDAQ: SKNS-common stock, SKNSW-prior public warrants, SKNSZ- $6.00 warrants), announced today the follow-up on its announcement dated Oct. 12, 1992 regarding the prior public warrants (SKNSW).
 There are presently 1,125,000 prior public warrants outstanding, with 10 prior public warrants and a $55.00 exercise price necessary to purchase one share of common stock.
 Skolniks will reverse split the prior public warrants one for 10, and forward split them three for two with a record date of Oct. 27 and a pay date of Nov. 4, 1992. Thereafter, there will be 168,750 prior public warrants outstanding to purchase 168,750 shares of common stock, with an exercise price of $36.63 per share. The $6.00 warrant which was attached to April 23, 1992 Units offering (SKNSZ) will also split three for two, increasing the number of these warrants by 50 percent and reducing the exercise price to $4.00. The effect of both these splits is to make each publicly-traded warrant exercisable for one share of common stock.
 Pending the filing and effectiveness of a registration statement with the SEC, which will be filed as soon as practicable, Skolniks intends to offer holders of prior public warrants of record on or about the effective date, the right for a limited period of time, to exchange such prior public warrants for a package of new warrants, with the view towards encouraging the exercise of a portion of any such warrant package. It is expected the package of warrants will be comprised of the following:
 One and one half new short term warrants, three warrants with a $4.00 exercise price identical to the SKNSZ warrants, and three new five year warrants with a $10 exercise price, call protected for two years. The numbers reflect the effect of all splits. The breakdown of the total number of warrants in the package will be as follows: the total number of new exchange warrants with be 168,750; the total number of SKNSZ warrants will be 337,500; and the total number of $10 warrants will be 337,500.
 This release does not represent a direct or indirect offer to sell the securities herein described, nor does it constitute a commencement of any such offer. This release should not be regarded as an assurance that any securities will be offered. This offering will only be made by means of a prospectus and offers must comply with applicable federal and state securities law. It is anticipated that the offering will occur in the first quarter of 1993.
 -0- 10/14/92
 /CONTACT: Bill Williams, co-chairman of Skolniks Inc., 512-490-0091/
 (SKNS) CO: Skolniks Inc. ST: New Jersey IN: SU:


AH -- NY098 -- 0119 10/14/92 17:46 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:Oct 14, 1992
Words:472
Previous Article:NEW YORK STOCK EXCHANGE CLOSING, WEDNESDAY, OCT. 14 /PRN/
Next Article:PROVIDENT BANCORP ANNOUNCES IMPROVED THIRD QUARTER RESULTS BEFORE NON-RECURRING MERGER CHARGES
Topics:


Related Articles
SKOLNIKS ANNOUNCES DEBENTURE EXCHANGE AND EQUITY FINANCING
SKOLNIKS ANNOUNCES SUCCESSFUL COMPLETION OF ITS EXCHANGE OFFER
SKOLNIKS ANNOUNCES RETAIL DIVISION, TEST MARKET CONTRACT AND DOUBLING OF BAGEL PRODUCTION CAPACITY TO 25 MILLION ANNUALLY
SKOLNIKS INC. CONTINUES TURNAROUND AND REORGANIZATION WITH NAMING OF NEW DIRECTORS AND APPOINTMENT OF CO-CHAIRMAN
FANNIE MAE ANNOUNCES DEBENTURE PRICING
SKOLNIKS INC. ANNOUNCES UNIT BREAK-UP, AND 3 FOR 2 SPLIT
CARLSON HOSPITALITY TO MAKE MAJOR ANNOUNCEMENT
FANNIE MAE ISSUES DEBENTURE ANNOUNCEMENT
MAGNOLIA BUYS 3 HOOTERS RESTAURANTS AND EXPANSION TERRITORY
CREDITORS FILE BANKRUPTCY PETITION AGAINST SKOLNIKS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters