TSI Corp. said Monday that all of the 2 million outstandingshares of its convertible preferred stock have becomeconvertible into TSI common stock (NASDAQ:TSIN) on a share-for-share basis.
One million of the shares became convertible in December. Theremainder became convertible after the close of trading lastFriday, after the average daily price of the common stockexceeded $9.25 for 90 consecutive business days. The shareswere down 88 cents to $10 on Monday.
If all the shares are converted, the Worcester, Mass., company,which offers preclinical testing services and is developingtransgenic animal models, will have 20.4 million sharesoutstanding.
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