Marchex Announces the Voluntary Conversion of Additional Shares of 4.75% Convertible Preferred Stock
March 15 2006 - 7:45PM
Business Wire
Marchex, Inc. (NASDAQ:MCHX)(NASDAQ:MCHXP), today announced that it
has entered into privately negotiated and unsolicited transactions
with certain holders of the company's outstanding 4.75% convertible
preferred stock, $0.01 par value per share, in which such holders
voluntarily converted such shares of preferred stock into shares of
Class B common stock, $0.01 par value per share, at a conversion
rate of $24.50 per share (equivalent to a conversion rate of
approximately 10.2041 shares of Class B common stock for each share
of preferred stock: the "Initial Conversion Price") and received a
cash payment from the company of $12.00 per share of preferred
stock in order to induce such early conversions. These transactions
closed on March 15, 2006 and converted approximately 80,848 shares
of the company's preferred stock into approximately 824,978 shares
of Class B common stock. Marchex previously reported the voluntary
conversion of approximately 7,015 shares of preferred stock into
approximately 71,581 shares of the company's Class B common stock
at the Initial Conversion Price as of January 20, 2006. Following
the conversions announced today, approximately 142,137 shares of
preferred stock remain outstanding. Marchex may enter into similar
transactions from time to time with certain other holders of
preferred stock if the company is able to do so on acceptable terms
and depending on capital market conditions. About Marchex, Inc.
Marchex's (www.marchex.com) mission is to be a leader in delivering
vertical and local online traffic to merchants. The company is
focused on search marketing, local search, and direct navigation.
Marchex's platform of integrated performance-based advertising and
search marketing services enables merchants to efficiently market
and sell their products and services across multiple online
distribution channels, including search engines, product shopping
engines, directories and selected Web properties. Forward looking
statements This press release contains forward-looking statements
that involve substantial risks and uncertainties. All statements,
other than statements of historical facts, included in this press
release regarding our strategy, future operations, future financial
position, future revenues, acquisitions, projected costs,
prospects, plans and objectives of management are forward-looking
statements. We may not actually achieve the plans, intentions or
expectations disclosed in our forward-looking statements and you
should not place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements we make. There are a number of important factors that
could cause Marchex's actual results to differ materially from
those indicated by such forward-looking statements which are
described in the "Risk Factors" section of our most recent periodic
report and registration statement filed with the SEC.
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