An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Propellus Inc. (PRPS) announces successful conversion of preferred shares to common shares, resulting in the issuance of over 4 million new common shares. Founding principals exchange 5.5 million common shares for newly created Series C Convertible Preferred Shares, reducing outstanding common shares by 62%.
Positive
None.
Negative
None.
RED BANK, NJ / ACCESSWIRE / March 14, 2024 / Propellus Inc., an Oklahoma corporation, (OTC PINK:PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, announced today that Shareholders of its Series A Convertible Preferred had opted to convert 3,568.4 or 97.4% of the issued shares at $1.80 per share resulting in the issuance of 2,271,779 new common share, and, Shareholders of its Series B Convertible Preferred had opted to convert 3,288.7 or 90.5% of the issued shares at $1.80 per share resulting in the issuance of 1,827,121 new common shares. Additionally, it had canceled 5.5 million of its common shares owned by founding principals and exchanged them for newly created Series C Convertible Preferred Shares. The Series C Shares contain similar provisions as the Company's common shares, with the exception that the Series C shares will not be entitled to receive any dividends declared by its Board of Directors.
"We are extremely pleased that the vast majority of our preferred shareholders exhibited confidence in our plan and converted their preferred shares into common shares," stated Ralph Johnson, CEO. "To further demonstrate our commitment to the growth of the Company, management and one of our largest founding shareholders exchanged 5.5 million shares of common shares for a newly created Preferred that will not be entitled to receive dividends, thus reducing the common shares issued and outstanding from 14,486,016 to 8,986,016, or a 62% reduction."
About Propellus Inc.: Propellus Inc., is engaged in offering small businesses a variety of financing alternatives ranging in amounts between $20,000-$125,000. Such financings include: payroll advances directly and through third-party professional employer organizations, merchant cash advances, accounts receivable factoring, short-term line of credit loans, and other types of loan products and cash flow financing.
How many preferred shares were converted to common shares by Propellus Inc. (PRPS)?
Shareholders of Series A Convertible Preferred converted 97.4% of issued shares, resulting in 2,271,779 new common shares. Shareholders of Series B Convertible Preferred converted 90.5% of issued shares, resulting in 1,827,121 new common shares.
What was the price per share for the conversion of preferred shares to common shares by Propellus Inc. (PRPS)?
The price per share for the conversion of preferred shares to common shares by Propellus Inc. (PRPS) was $1.80.
How many common shares were canceled and exchanged for newly created Series C Convertible Preferred Shares by Propellus Inc. (PRPS)?
Propellus Inc. (PRPS) canceled 5.5 million common shares owned by founding principals and exchanged them for newly created Series C Convertible Preferred Shares.
What is the difference between Series C Convertible Preferred Shares and common shares of Propellus Inc. (PRPS)?
Series C Convertible Preferred Shares of Propellus Inc. (PRPS) are similar to common shares but do not entitle the shareholders to receive any dividends declared by the Board of Directors.
How much did the outstanding common shares of Propellus Inc. (PRPS) reduce by after the exchange of 5.5 million common shares for Series C Convertible Preferred Shares?
The outstanding common shares of Propellus Inc. (PRPS) reduced from 14,486,016 to 8,986,016, representing a 62% reduction.
