And someone said PTQ was the only company giving out free warrants lol!
Berkshire Hathaway to Invest $5 Billion in Bank of America
Business Wire
CHARLOTTE, N.C. -- August 25, 2011
Bank of America Corporation announced today that it reached an agreement to
sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation
value of $100,000 per share to Berkshire Hathaway, Inc. in a private offering.
The preferred stock has a dividend of 6 percent per annum, payable in equal
quarterly installments, and is redeemable by the company at any time at a 5
percent premium.
In conjunction with this agreement, Berkshire Hathaway will also receive
warrants to purchase 700,000,000 shares of Bank of America common stock at an
exercise price of $7.142857 per share. The warrants may be exercised in whole
or in part at any time, and from time to time, during the 10-year period
following the closing date of the transaction. The aggregate purchase price to
be received by Bank of America for the preferred stock and warrants is $5
billion in cash.