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National Holdings Corp Completes Growth Capital Raise And Announces New Leadership


Friday, 25 Jan 2013 01:54pm EST 

National Holdings Corp announced that it has closed on a $8.8 Million private offering of common stock to position the Company for the future by recapitalizing and providing growth capital to expand the Company's business. With this capital raise, the Company has completely recapitalized its balance sheet through the simultaneous repayment of approximately $2.8 Million in debt financing, the conversion of the balance of outstanding debt financing and all preferred shares into common stock and the exchange of substantially all outstanding warrants for common stock.The $8.8 Million offering of the Corporation's common stock was at a purchase price of $.30 per share. No warrants were issued in the offering. Approximately $2.8 Million from the proceeds of the offering were used to repay the remainder of the Corporation's outstanding debt that was not converted in conjunction with the offering. As part of this transaction all of the Series C and D Preferred shares will be converted into common stock of the Corporation at $.50 per share pursuant to the original terms of such preferred shares. The Company also announced that Mark D. Klein has been appointed CEO and Executive Co-Chairman of National Holdings, succeeding Mark Goldwasser who will become President and Vice Chairman of the Corporation and remain CEO of the Corporation's National Securities subsidiary. 

Company Quote

0.528
0.0030 +0.57%
19 Sep 2014