Rand Logistics Reduces Exercise Price of Public Warrants to $4.50 from $5.00 Through July 9, 2007
04 5์ 2007 - 10:00PM
Business Wire
Rand Logistics, Inc. (NASDAQ: RLOG, RLOGW, RLOGU) today announced
that it reduced the exercise price of its outstanding, publicly
traded warrants (๏ฟฝ๏ฟฝWarrants๏ฟฝ๏ฟฝ) to $4.50 (from the $5.00 exercise
price provided by the original terms of the Warrants) until 5:00
p.m. eastern time on July 9, 2007 (the ๏ฟฝExpiration Time๏ฟฝ). Any and
all Warrants properly exercised in accordance with the terms of the
Warrants prior to the Expiration Time will be accepted by Rand at
the reduced exercise price, and one share of registered common
stock per Warrant will be issued to the exercising Warrantholder.
After the Expiration Time, the $5.00 exercise price included in the
original terms of the Warrants will be reinstituted. Except for the
reduced exercise price of the Warrants prior to the Expiration
Time, the terms of the Warrants remain unchanged. The reduced
exercise price applies to all of Rand๏ฟฝs currently outstanding
publicly traded Warrants, including those Warrants still included
as part of the units issued in Rand๏ฟฝs initial public offering.
Holders of Warrants that desire to exercise their Warrants should
contact their brokers and instruct them to effectuate an exercise
of the Warrants prior to the Expiration Time. As of May 4, 2007,
approximately 7,692,180 Warrants are outstanding. Rand๏ฟฝs Warrants,
common stock and units are listed on the Nasdaq Capital Market
under the symbols RLOGW, RLOG AND RLOGU, respectively. On May 3,
2007, the last reported sale prices of the Warrants, common stock
and units were $1.99, $6.91 and $11.00, respectively. Rand
recommends that Warrantholders obtain current market quotations for
Rand๏ฟฝs securities before deciding whether or not to exercise their
Warrants. On April 30, 2007, Rand raised $6,768,000 upon the
exercise of 1,504,000 Warrants by one of Rand๏ฟฝs largest
shareholders. The Warrants were exercised at an exercise price of
$4.50, rather than the $5.00 exercise price in the Warrants, in
accordance with the terms of an agreement between Rand and the
shareholder. For additional information, see Rand's Form 8-K filed
today with the Securities and Exchange Commission. Approximately
1,571,349 of the Warrants are held by individuals, or affiliates of
individuals, who are officers, directors, employees or consultants
of Rand. Each such officer, director, employee and consultant has
agreed not to exercise his Warrants prior to the Expiration Time.
Laurence Levy, Chairman and CEO of Rand Logistics, stated, ๏ฟฝWe are
pleased to offer our warrantholders the opportunity to exercise
their warrants at a reduced exercise price of $4.50, and hope that
a substantial number of warrants will be exercised. In addition to
potentially raising a significant amount of capital for the
Company, we believe that a reduction in the number of our
outstanding warrants will simplify our capital structure and reduce
the overhang of those warrants on the Company๏ฟฝs common stock. We
also believe that an increase in the number of outstanding shares
of common stock resulting from the exercise of warrants will
provide greater liquidity for our common stock.๏ฟฝ While Rand
considers acquisition and other investment opportunities on a
regular basis, Rand does not presently have any contemplated
specific use for the proceeds of any Warrant exercises, other than
for general working capital purposes. RAND๏ฟฝS BOARD OF DIRECTORS HAS
APPROVED THE WARRANT EXERCISE PRICE REDUCTION. HOWEVER, NEITHER
RAND NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY
RECOMMENDATION AS TO WHETHER TO EXERCISE WARRANTS. EACH HOLDER OF A
WARRANT MUST MAKE ITS OWN DECISION AS TO WHETHER TO EXERCISE SOME
OR ALL OF ITS WARRANTS. The information above does not constitute
an offer to buy or exchange securities or constitute the
solicitation of an offer to sell or exchange any securities in
Rand. About Rand Logistics Rand Logistics, Inc. is a leading
provider of bulk freight shipping services throughout the Great
Lakes region. Through its subsidiaries, the Company operates a
fleet of eleven self-unloading bulk carriers, including nine River
Class vessels and one River Class self-unloading tug/barge unit.
The Company is the only carrier able to offer significant domestic
port-to-port services in both Canada and the U.S. on the Great
Lakes. The Company๏ฟฝs vessels operate under the U.S. Jones Act ๏ฟฝ
which dictates that only ships that are built, crewed and owned by
U.S. citizens can operate between U.S. ports ๏ฟฝ and the Canada
Marine Act ๏ฟฝ which requires Canadian commissioned ships to operate
between Canadian ports. Forward-Looking Statements This press
release may contain forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995) concerning
the Company and its operating subsidiaries. Forward-looking
statements are statements that are not historical facts, but
instead statements based upon the current beliefs and expectations
of management of the Company. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual
results to differ from the results included in such forward-looking
statements.
Rand Logistics Unit 10/26/08 (MM) (NASDAQ:RLOGU)
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Rand Logistics Unit 10/26/08 (MM) (NASDAQ:RLOGU)
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