News:
AMERI Holdings (NASDAQ:AMRH), a specialized SAP cloud, digital and enterprise services company announced that it has entered into an amendment agreement to amend and restate the terms of the certificate of designation of Rights and Preferences to the company’s existing 9 percent series A preferred stock.
The company entered the agreement with Lone Star Value Investors, the sole holder of the preferred stock.
As quoted in the text release:
Key terms of the Amendment, which will be filed with the Delaware Secretary of State following stockholder approval at the Company’s 2018 annual meeting, are:
The elimination of any prior defaults with respect to non-payment of dividends.
The cancellation of the existing cash dividend rate of 9.00% per annum or the payment of a penalty rate of 11.00% per annum for the payment of dividends in-kind through the issuance of additional Preferred Stock; in lieu thereof, the Company will pay Preferred Stockholders dividends in-kind through the issuance of additional Preferred Stock at a rate per annum equal to 2.00% for the next two years and then a cash dividend at the rate of 2.00% per annum. As a result of the Amendment, the Company anticipates approximately $1.5 million in annualized cash savings.
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