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callable preferred stock

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callable preferred stock
An issue of preferred stock that may be repurchased by the issuer at a specific price, usually par value or slightly above. The option to repurchase such stock is held by the issuer, not the investor. Calls can be expected when market rates of interest have fallen significantly below the yield on the preferred stock at the time the stock was issued.


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Tendering Poly U/A stockholders will receive three shares of IRIS Common Stock, one share of the new Series B Callable Preferred Stock and three-year Series G Warrants to purchase three shares of IRIS common stock in exchange for each share of Poly U/A common stock tendered and a release of any claims against IRIS and Poly U/A.
IRIS offered three shares of IRIS common stock, one share of a new class of three-year callable preferred stock and three-year warrants to purchase three shares of IRIS common stock in exchange for each share of Poly U/A common stock and a release of any claims against IRIS and Poly U/A from the tendering stockholder.
The offer will provide Poly U/A stockholders three shares of IRIS common stock, one share of a new class of three-year callable preferred stock and three-year warrants to purchase three shares of IRIS common stock for each share of Poly U/A common stock they hold.
 
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