SCI Engineered Materials, Inc. Announces Full Redemption of Convertible Preferred Stock, Series B
SCI Engineered Materials (SCIA:OTCQB) announced a full redemption of its 24,152 shares of Convertible Preferred Stock, Series B, on December 31, 2021.
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Rhea-AI Summary
SCI Engineered Materials (SCIA:OTCQB) announced a full redemption of its 24,152 shares of Convertible Preferred Stock, Series B, on December 31, 2021. The total cash cost for this redemption is $514,437.60, covering cash payments of $248,765.60 and unpaid dividends of $265,672.00. The company's CEO highlighted the strong balance sheet, increased cash reserves, and reduced debt, aligning this action with their capital allocation strategy aimed at enhancing long-term performance.
Positive
- The total redemption cost is $514,437.60, showing liquidity.
- Redemption reflects a commitment to long-term performance.
- Significant increase in cash and reduction of total debt enhances financial flexibility.
Negative
- None.
Details
News Market Reaction – SCIA
The recorded move for SCIA in the trading session of this news was -1.48%.
Data tracked by StockTitan Argus. Session date unavailable.
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COLUMBUS, OH / ACCESSWIRE / November 29, 2021 / SCI Engineered Materials, Inc. ("SCI") (SCIA:OTCQB), today announced the Company will redeem all 24,152 shares of its Convertible Preferred Stock, Series B ("Series B"). The Series B shares were issued through a private placement transaction and there is no public market for the stock. This full redemption includes cash payments of
Jeremy Young, President and Chief Executive Officer, said, "The Company's strong balance sheet provides us with financial flexibility and enhanced opportunities to pursue growth plans. During the past year, we have significantly increased cash and reduced total debt outstanding. Redemption of the Series B stock reflects another element of our capital allocation strategy and commitment to improve long-term performance."
The Company's redemption agent is Computershare, 150 Royall Street, Canton, Massachusetts 02021.
About SCI Engineered Materials, Inc.
SCI Engineered Materials is a global supplier and manufacturer of advanced materials for PVD thin film applications who works closely with end users and OEMs to develop innovative, customized solutions. Additional information is available at www.sciengineeredmaterials.com or follow SCI Engineered Materials, Inc. at:
https://www.linkedin.com/company/sci-engineered-materials.-inc
https://www.facebook.com/sciengineeredmaterials/
https://www.twitter.com/SciMaterials
Contact:
Robert Lentz
(614) 439-6006
SOURCE: SCI Engineered Materials, Inc.
View source version on accesswire.com:
https://www.accesswire.com/674885/SCI-Engineered-Materials-Inc-Announces-Full-Redemption-of-Convertible-Preferred-Stock-Series-B
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