GEROVA Amends Warrant Terms


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GEROVA Amends Warrant Terms

Posted June 03, 2010 2:58PM PST

The reinsurance company GEROVA Financial Group said yesterday that it decreased the strike price from $7.50 to $7 on 17.7 million existing warrants.

GEROVA, which merged with Asia Special Situation Acquisition Corp. in January, also extended the life of the warrants two years to 2014. The company is also issuing new warrants with the amended terms to the existing warrant holders, bringing the total outstanding warrants to 35.4 million.

In May, the company said it converted all 742,250 issued and outstanding shares of Series A preferred stock into 123.7 million shares of common stock, bringing the total outstanding common shares to 133.4 million.

GEROVA shares have recovered from a slump, closing at $13.35 today. They traded at a low of $5 following the SPAC merger. Warrants ended the day at 93 cents, up 38 cents on the news.

Source: Press Release

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