Universal American Corp. will be giving holders of some preferred shares until Sept. 9 to exchange the shares.
Universal American, Rye Brook, N.Y. (NYSE:UAM), an insurer that sells products aimed at older Americans, originally had set the offer – for up to $40 million in 8.50% Series A Mandatorily Redeemable Preferred Shares – to expire Sept. 2.
Universal American issued the original batch of preferred shares in April through a private placement, without registering the shares with the SEC. Preferred shareholders who go through with the exchange will get shares registered with the SEC.
The new shares will not be listed with an exchange, but holders should have an easier time selling the registered shares, Universal American says.
- Allison Bell