Wabash National announces conversion of preferred stock
Oct 2, 2002 12:00 PM
Wabash National Corporation (NYSE: WNC) announced the mandatory conversion of its Series C 5.5% Convertible Preferred Stock, (the “Preferred Stock”) pursuant to certain provisions of the Preferred Stock. Under the terms of the company’s debt agreements, the payment of preferred stock dividends is restricted. As a result, the company has not made any payments of dividends on the Preferred Stock since April 2002, including dividends due on June 15 and September 15, 2002. Under the terms of the Preferred Stock, the nonpayment of two dividends is an event resulting in the mandatory conversion of the Preferred Stock into the company’s common stock. As of September 15, 2002, there were 130,041 shares issued and outstanding of the Preferred Stock, which converted into approximately 2.6 million shares of the Company’s common stock, effective September 15, 2002. Wabash National Corporation designs, manufactures, and markets standard and customized truck trailers under the Wabash and Fruehauf brands.
