IntelGenx Technologies (IGXT) has released an update.
IntelGenx Technologies Corp. announced the designation of 2,090,000 shares of Series A Preferred Stock, prioritized over common stock for dividends and liquidation proceeds, with a $10 initial value and an 8% annual dividend rate, increasing to 12% in the event of a default. These dividends can be paid in cash or common stock and accrue regardless of the company’s ability to pay out. Upon liquidation, Series A stockholders are first in line to receive $15 per share plus unpaid dividends. Five years post-offering, the company may redeem shares at 150% of the issue price, and shareholders may similarly sell back at the same rate.
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