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Medical device company Solos Endoscopy Inc. has finished its retirement of 150 million shares of common stock by converting them into Series B convertible preferred shares.
Boston-based Solos announced in a new release Tuesday that the common shares had been held by company officers and members of the board of directors. With the cancellation of the common shares, the company’s outstanding and issued common shares have been reduced in number by 22 percent.
Solos president Bob Segersten said in the release that converting their shares to preferred stock is an indication of the long-term support the directors and officers have for the company
In August 2011, Solos reported it had reduced its debt by more than $620,000 for the period ending Sept. 30, 2011, through a settlement agreement and a new consulting agreement with unnamed parties. The company trades on the Pink Sheets under the ticker symbol “SNDY.”
Solos committed to donating five percent of all sales from its MammoView Breast Endoscopy Instrument line during the month of October 2011 to the National Breast Cancer Foundation. The company sells products in the MammoView line – which contains 13 different breast endoscopy components – to hospitals through direct sales channels and social media.
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