Medis Technologies Ltd.: Medis Technologies Ltd. Announces Completion of Sale of $50 Million of 7 1/4% Series A Cumulative Convertible Perpetual Preferred Stock
17th Nov 2006, 02:44 GMT
NEW YORK, NY (MARKET WIRE) Medis Technologies Ltd. (NASDAQ: MDTL) today announced that it has completed the offering and sale of $50.0 million of its 7 1/4% Series A Cumulative Convertible Perpetual Preferred Stock (the "Preferred Stock"), to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The annual cash dividend on each share of Preferred Stock is $725 and is payable quarterly, in arrears,
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