Southland Announces Conversion Of $20 Mln Promissory Notes Due To Management To Common Stock

(RTTNews) - Southland Holdings, Inc. (SLND, SLND WS), Monday announced the conversion of $20 million of certain promissory notes due to members of management to common stock.

The announcement comes as the company agreed to issue an aggregate of about 5.8 million shares of common stock at $3.43 per share to certain members of management on December 27 in exchange for an aggregate of $20 million in outstanding amounts under certain promissory notes.

The closing of the transactions occurred on the same day, the provider of specialized infrastructure construction services added.

Southland's President & Chief Executive Officer, Frank Renda, noted that the conversion would strengthen the company's balance sheet as well as boost its long-term value potential.

During the pre-market hours, Southland's stock is trading at $3.53, up 2.92 on the New York Stock Exchange American.