MONTVALE, N.J.-Geotek Communications Inc. said it closed a previously announced series O and Q preferred shares exchange offer.
The offer was for preferred holders to exchange a total of $22.3 million of series O and Q preferred stock for new series R and S preferred stock and to convert about $11.8 million of series O and Q preferred stock into common stock, said the company.
Terms of the exchange provide for the elimination of more than 80 percent of the company’s remaining series O and Q variable conversion rate instruments.
