LB Merchant invested $3,700,000 in 3,700 units of Series A Convertible Preferred Stock and a single institutional investor invested $2,000,000 in 2,000 units of Series B Convertible Preferred Stock. Both the Series A and Series B have a face value of $1,000 per share and are convertible into the company's common stock at a fixed conversion price of 40 cents per common share and earn a 6 percent cash dividend paid quarterly. The board will be reduced from seven to five, with LB Merchant appointing two members.
NAI, Petrous merge services
TULSA — NAI Commercial Properties is merging with the management division of The Petrous Group Inc., to form NAI Petrous LLC. The merger allows clients direct access to a variety of services under one roof, including commercial real estate sales, leasing, management, property development by its affiliate, The Petrous Group, and construction by its affiliate, Rupe Building Co.
NAI Petrous LLC assists clients with leasing, selling and managing retail, office and industrial properties and land, and offers construction management.
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