Following the exchange, Ore Holdings will have positive stockholders’ equity of $3.8 million and no long-term debt. The company will have 8,663,519 common shares outstanding and a total of 1,005,228 Series A Preferred Stock, convertible into 40,209,140 shares of common stock, outstanding. Assuming full conversion of the Series A Preferred, Ore will have 48,872,659 of common stock equivalent shares.Following the exchange, Steel Partners, Ltd. will have no further rights under the note, which will be cancelled. On an as-converted basis, Steel Partners, Ltd.’s share of the outstanding equity in the company will increase to 90.6% from 47.1%. The transaction is expected to be completed on or about November 12, 2013.
Ore Holdings Approves Debt-for-Equity Exchange
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