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
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
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.