Aura Reduces the Fully Diluted Number of Common Shares by 808,500 Through an Exchange of Anti Dilutive Warrants for a Fixed Number of Common Shares
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Aura Systems, Inc. (OTCBB: AUSI) announced today that it entered into an agreement with the previous $3.6 million of secured loan holders to reduce the fully diluted number of common shares by exchanging the holder's issued and outstanding 5,390,000 five year warrants with anti dilution provisions, for a fixed 4,581,500 of common shares and no warrants. The $3.6 million secured notes were paid in full in cash as previously announced on April 1, 2013.
The exchange agreement cancels all of the 5,390,000 warrants and removes any potential future obligations of the Company to the warrant holders that could potentially arise under certain conditions.
For more information on Aura Systems, Inc. visit www.aurasystems.com
Aura Systems, Inc.
Melvin Gagerman, Chairman and CEO
Dr. Ramesh Misra, President
310 643-5300 x 271
KEYWORDS: United States North America California
The article Aura Reduces the Fully Diluted Number of Common Shares by 808,500 Through an Exchange of Anti Dilutive Warrants for a Fixed Number of Common Shares originally appeared on Fool.com.
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