Propellus Inc. (OTC:PRPS) Stock In Focus After Recent Development

The Oklahoma Corporation had been one of the companies to come into the news cycle in a big way on Thursday, and it may be a good move for investors to perhaps take a closer look into Propellus Inc. (OTC:PRPS) this morning. The alternative finance company is a specialist in helping small businesses with regards to their cash flow necessities. On March 14, Propellus announced that holders of its Series A convertible preferred stock had chosen to convert 3568.4 units, or 97.4% of the issued shares, for $1.80 a share. As a result, the company ended up issuing 2271779 new common shares.

Additionally, holders of the Series B convertible preferred stock had chosen to convert 3288.7 units, or 90.5% of the shares, for $1.80 each. That prompted the company to issue a total of 18,27121 new common shares. In the news release, it was also mentioned by Propellus that 5.5 million shares owned by its founding principals had been cancelled and exchanged in lieu of newly established Series C convertible preferred shares. The Series C convertible preferred shares had almost identical provisions as the common shares of Propellus. However, the only difference would be that the holders would not be entitled to any dividends for those shares.

The Chief Executive Officer of the company, Ralph Johnson, spoke about the latest developments as well. He expressed his pleasure at the fact that the majority of the company’s shareholders had demonstrated their confidence in the plan from the management and converted their preferred shares into common shares. Johnson also stated that one of the founding shareholders had converted 5.5 million shares into a non-dividend-paying category of stock, which was also a demonstration of the company’s commitment to growth. It may be a good time for investors to keep a closer eye on Propellus stock.