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February 21, 2013
10:26 EDTMNRKMonarch Financial announces conversion of preferred shares
Monarch Financial Holdings, the bank holding company for Monarch Bank, provided notice that all outstanding shares of their Series B noncumulative convertible preferred stock, which trades under the symbol of "MNRKP," will be converted to shares of the Company's common stock. The Company's common shares have traded for 20 out of the most recent 30 trading days at 130% of a pre-established conversion price which entitles the company to force convert each preferred share to 3.75 shares of common stock. Cash will be issued in lieu of fractional shares. The conversion of the shares is set to occur on March 8. As of February 20, there were 309,348 shares of the preferred stock outstanding, and assuming those shares remain outstanding as of March 8, they will convert to a maximum of 1,160,055 shares of common stock, the company said. Monarch Financial common stock remains halted, according to Nasdaq, and trading will resume at 10:45 am ET, with quotation to resume at 10:40 am ET.
News For MNRK From The Last 14 Days
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September 24, 2015
08:32 EDTMNRKMonarch announces 540,000 share buyback
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