Business Services Industry
Moto Photo Announces One-Year Extension of Warrants
Business Wire, Sept 24, 1998
DAYTON, Ohio--(BUSINESS WIRE)--Sept. 24, 1998--Moto Photo Inc. (NASDAQ:MOTO) announced today that its board of directors has voted to extend the exercise period of its common stock purchase warrants through Dec. 31, 1999.
The warrants were scheduled to expire on Dec. 31, 1998.
The warrants, currently exercisable at $4.25 for each share of common stock, were issued by Moto Photo in November 1985, in connection with a public offering of units consisting of one of $1.20 Cumulative Convertible Preferred Stock and two common stock purchase warrants.
Moto Photo is a franchisor and operator of one-hour photofinishing labs and portrait studios with 418 stores in operation and 23 under development in the United States and Canada including 31 affiliates in Norway.
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