Key Developments For Premier Exhibitions, Inc.
Premier Exhibitions, Inc. (PRXI.O) (Consolidated Issue listed on NASDAQ Global Market)
Premier Exhibitions, Inc. Signs CEO to Three-Year Agreement
Premier Exhibitions, Inc. announced that it has signed a three-year agreement with Christopher J. Davino to serve as the Company's President and Chief Executive Officer (CEO). Mr. Davino has served as the Company's interim President and Chief Executive Officer since the end of January 2009. Mr. Davino has also served as a member of the Company's Board of Directors since January 2009.
Premier Exhibitions, Inc. Announces Corporate Workforce Reduction
Premier Exhibitions, Inc. announced that it has reduced corporate workforce by approximately 18% and are in the process of evaluating numerous other cost-saving initiatives.
Premier Exhibitions, Inc. Appoints John A. Stone As CFO-Form 8-K
Premier Exhibitions, Inc. reported in its Form 8-K that effective as of May 13, 2009, it has appointed John A. Stone as its Chief Financial Officer (CFO).
Premier Exhibitions, Inc. Signs Agreement For $12 Million In Financing
Premier Exhibitions, Inc. announced that it has executed an agreement to receive $12.0 million in financing from its shareholder, Sellers Capital Master Fund, Ltd. (Sellers Capital). The financing was approved by Premier's board of directors, upon the recommendation of its independent financing committee, which was charged with considering the transaction and other possible financing transactions available to Premier. The closing of the financing is expected to close next week. In connection with the financing, Sellers Capital has agreed to acquire unsecured convertible promissory notes from Premier in the aggregate principal amount of $12.0 million. The notes would bear interest at a rate of 6.0% per year and would mature in three years. If the conversion of the notes into common stock is approved by Premier's shareholders at its 2009 annual meeting, the notes would be convertible at a conversion price of $0.75 per share, which is a premium of approximately 7.1% to today's closing price of Premier's common stock on the NASDAQ Global Market of $0.70 per share.
Premier Exhibitions, Inc. Appoints Interim President And CEO-Form 8-K
Premier Exhibitions, Inc. reported in its Form 8-K that on April 21, 2009, it has entered into an employment agreement with Christopher J. Davino, effective as of January 28, 2009. The Agreement provides for Mr. Davino's employment as the Company's interim President and Chief Executive Officer until May 28, 2009. The term of the Agreement will automatically extend by successive one-month periods following May 28, 2009 unless either party terminates the agreement by notifying the other party in writing at least 30 days prior to the end of the applicable renewal term.
