CHESAPEAKE, Va., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the bank holding company for Monarch Bank, provided notice today that all outstanding shares of their Series B noncumulative convertible preferred stock, which trades under the symbol of MNRKP, will be converted to shares of the Company's common stock. The Company's common shares have traded for 20 out of the most recent 30 trading days at 130% of a pre-established conversion price which entitles the company to force convert each preferred share to 3.75 shares of common stock. Cash will be issued in lieu of fractional shares. The conversion of the shares is set to occur on March 8, 2013. As of February 20, 2013 there were 309,348 shares of the preferred stock outstanding, and assuming those shares remain outstanding as of March 8, 2013, they will convert to a maximum of 1,160,055 shares of common stock.
Monarch Financial Holdings Announces Conversion Of Preferred Shares
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts