Southland Holdings, Inc. (SLND, SLND WS) announced on Monday the conversion of $20 million worth of certain promissory notes, held by management, into common stock. The company has agreed to issue approximately 5.8 million shares of common stock, priced at $3.43 per share, to specific management team members. This transaction, in exchange for $20 million of outstanding promissory note amounts, was finalized on December 27.
According to Southland Holdings, a specialized infrastructure construction service provider, the transaction was closed on the same day. Frank Renda, the President and CEO of Southland, commented that this strategic conversion is expected to fortify the company's balance sheet and enhance its long-term value potential.
In pre-market trading, Southland's shares are reflecting a positive movement, trading at $3.53, marking an increase of 2.92% on the New York Stock Exchange American.
