Investor Fox Encore purchases 44,000 series C convertible preferreds
By Devika Patel
Knoxville, Tenn., Feb. 3 – Vertex Energy Inc. arranged a $4 million private placement of its series C convertible preferred stock with Fox Encore 05 LLC on Jan. 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 44,000 preferreds at about $90.91 apiece. Each preferred has a face value of $100.00.
The preferreds are convertible into 4.4 million common shares.
Based in Houston, Vertex provides services designed to aggregate, process and recycle industrial and commercial waste streams.
Issuer: | Vertex Energy Inc.
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Issue: | Series C convertible preferred stock
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Amount: | $4 million
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Units: | 44,000
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Price: | $90.91 (approximate)
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Conversion ratio: | Into 4.4 million shares
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Warrants: | No
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Investor: | Fox Encore 05 LLC
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Pricing date: | Jan. 29
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Stock symbol: | Nasdaq: VTNR
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Stock price: | $1.05 at close Jan. 28
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Market capitalization: | $58.4 million
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