Jennifer rescinds call
By Furniture Today Staff -- Furniture Today, March 26, 2007
Woodbury, N.Y. — Retailer Jennifer Convertibles said it has rescinded an earlier call of its Series B preferred stock, and said the preferred shares would remain outstanding.
The retailer said the preferred shares are convertible into common stock at the company's option if the common stock price trades at more than $7 per share.
Jennifer's shares closed Monday at $4.65, but have traded as high as $7.44 in the past year.
In a filing with the Securities and Exchange Commission, the retailer said it had rescinded the call "as a result of a discrepancy between a court settlement stipulation and our certificate of incorporation."
Jennifer said preferred stockholders who still wish to convert to common stock must do so by May 15. Stockholders will be mailed conversion forms shortly, the company said.
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