Inverness Medical Innovations, Inc. Updates on Voluntary Conversions of Series A Convertible Preferred Stock
Waltham, MA– September 16, 2002 – Inverness Medical Innovations, Inc. (AMEX: IMA), a leading provider of women’s health and nutritional products and developer of advanced medical device technologies, announced today that it has received commitments from preferred shareholders to convert at least 1,723,180 shares of the Company’s Series A Convertible Preferred Stock into shares of common stock. It is anticipated that the conversions, which are subject to, and a condition of, the closing of a financing transaction, will occur prior to the closing of the Company’s pending acquisition of MedPointe’s Wampole Laboratories unit. The Series A Preferred Stock will be converted without additional consideration in accordance with the preferred stock’s voluntary conversion provisions. The preferred shareholders who have committed to convert hold approximately 83.4% of the total shares of Series A Convertible Preferred Stock currently outstanding. The Company’s Series A Convertible Preferred Stock accrues dividends while the Company’s common stock remains below $15 per share.
For more information about Inverness Medical Innovations, please visit our website at www.invernessmedical.com. |
