OCLI Announces Stock Conversion

Optical Coating Laboratory Inc. (OCLI; Santa Rosa CA) announced that the remaining $6.25 million of an original $12.00 million issue of 8% Series C convertible redeemable preferred stock converted to common stock at a conversion price of $10.50 plus accrued dividends.

According to company vice president of finance and CFO Craig Collins, the company will save approximately $440,000 of preferred stock dividends as a result of the conversion.