COLUMBUS, OH / ACCESSWIRE / November 29, 2021 / SCI Engineered Materials, Inc. ("SCI") (SCIA:OTCQB), today announced the Company will redeem all 24,152 shares of its Convertible Preferred Stock, Series B ("Series B"). The Series B shares were issued through a private placement transaction and there is no public market for the stock. This full redemption includes cash payments of $248,765.60 ($10.30 per share), a 3% premium to the stated value of $10 per share plus unpaid annual dividends of $265,672.00 ($11.00 per share). The total cash cost of this full redemption is $514,437.60. The Series B redemption date is December 31, 2021.
Jeremy Young, President and Chief Executive Officer, said, "The Company's strong balance sheet provides us with financial flexibility and enhanced opportunities to pursue growth plans. During the past year, we have significantly increased cash and reduced total debt outstanding. Redemption of the Series B stock reflects another element of our capital allocation strategy and commitment to improve long-term performance."
The Company's redemption agent is Computershare, 150 Royall Street, Canton, Massachusetts 02021.
About SCI Engineered Materials, Inc.
SCI Engineered Materials is a global supplier and manufacturer of advanced materials for PVD thin film applications who works closely with end users and OEMs to develop innovative, customized solutions. Additional information is available at www.sciengineeredmaterials.com or follow SCI Engineered Materials, Inc. at:
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Contact:
Robert Lentz
(614) 439-6006
SOURCE: SCI Engineered Materials, Inc.