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Ampex to redeem 8% preferreds for stock
New York, Oct. 2 - Ampex Corp. said it will redeem all its outstanding 8% non-cumulative redeemable preferred stock.
The Redwood City, Calif. visual technology company will issue 450,600 class A common shares in exchange for the $22.53 million of preferreds.
Ampex has the option to redeem the preferreds for cash or stock, with the stock valued at the higher of $50.00 or the fair market value.
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