Jacksonville Bancorp Inc. (JAXB)

[56Chevy]

The good news is the bank completed a $50MM cap infusion...the downside of that is it causes major league dilution.

Investors paid .50 @ share.

On February 19, 2013, after receipt of the requisite shareholder approvals, the outstanding shares of Series A Preferred Stock automatically converted into an aggregate of 47,640,000 shares of Common Stock and 52,360,000 shares of Nonvoting Common Stock, at a conversion price of $0.50 per share and a conversion rate of 2,000 shares of Common Stock and/or Nonvoting Common Stock for each outstanding share of Series A Preferred Stock. The shareholder approvals required to effect the conversion were received on February 18, 2013 and included (i) approval of an amendment to Bancorp’s Amended and Restated Articles of Incorporation (as amended, the “Articles”) to increase the number of authorized shares of Common Stock, (ii) approval of an amendment to the Articles to authorize a new class of Nonvoting Common Stock, and (iii) approval of the issuance of shares of Common Stock and Nonvoting Common Stock upon the mandatory conversion of the Series A Preferred Stock. Pursuant to the terms of the Nonvoting Common Stock, each outstanding share of Nonvoting Common Stock is automatically convertible into one share of Common Stock upon a “permitted transfer” to a transferee, as more fully described in the Articles.

http://ih.advfn.com/p.php?pid=nmona&article=57177165

*The goal for retail investors is to get in as close to .50 @ share (or lower) as possible.