IMHC - Ault Alliance plans to launch exchange offer for preferred shares
2023-03-20 07:10:51 ET
- Ault Alliance ( NYSE: AULT ) plans to launch an exchange offer for up to $50M in preferred shares with a stated value of $10/share.
- Under the offer, up to 5M preferred shares would be exchanged at a ratio of three preferred shares for ~200 shares of common stock (for an aggregate of 333.33M Shares of common stock).
- The terms of the preferred stock equate to a value of $0.15/share of each common stock exchanged. The offer will require that a minimum of 150M shares of common stock be tendered by common stockholders.
- If all 333.33M shares of common stock are tendered and retired, the company’s outstanding common stock will be reduced by ~80%.
- The company aims to list the preferred stock on the NYSE American.
- In addition, preferred stockholders would be entitled to receive dividends of the company's majority-owned subsidiaries Imperalis Holding ( OTCPK:IMHC ) and Giga-tronics ( OTCQB:GIGA ).
For further details see:
Ault Alliance plans to launch exchange offer for preferred shares