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materiality 0.55
Lincoln Educational completes mandatory conversion of Series A Preferred, eliminates $1.2M annual dividend
LINCOLN EDUCATIONAL SERVICES CORP
- Each Series A Preferred share converted into 423.729 common shares; 12,700 shares preferred became 5,381,360 common shares.
- Conversion eliminates $1.2M in annual preferred dividend payments, simplifying capital structure.
- CEO Scott Shaw states conversion provides additional resources for strategic initiatives.
- Amendment corrects conversion ratio decimal point; total shares issued unchanged.