DNA Plant Technology Corp. said Thursday that it has netted$28.4 million from the sale of 1.2 million shares ofconvertible exchangeable preferred stock priced at $25 pershare. The stock is convertible at any time into common stockat a conversion price of $6.15. DNAP common stock(NASDAQ:DNAP) closed unchanged Thursday at $5.13.
Underwriters Lehman Brothers and Vector SecuritiesInternational Inc. have an option to buy up to 180,000additional shares to cover overallotments.
Cinnaminson, N.J.-based DNAP can redeem the stock after Aug.2, 1994, and before Aug. 1, 1995, for $26.80 per share plusaccrued and unpaid dividends. After that, redemption pricesdecrease gradually to $25 by Aug. 1, 2001. After Aug. 1, 1993,the preferred stock is also exchangeable at the option of DNAPfor its 9 percent convertible subordinated debentures, due2016.
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