Winemaster Gary S Declares Ownership of Stake in Power Solutions International Inc (PSIX)
Winemaster Gary S
recently revealed that they own 19.4% of Power Solutions International Inc (OTCMKTS:PSIX) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Tuesday, December 5th. The investor owns 3,680,896 shares of the stock valued at about $29,447,168. The filing is available through Edgar at this hyperlink.
Winemaster Gary S
provided the following explanation of their ownership:
Item 4 is hereby amended and supplemented by adding the following:
The Issuer reported on Form 8K (as filed with the Securities and Exchange Commission on December 5,2017) that, pursuant to a Securities Exchange
Agreement dated as of November 30,2017 between the Issuer and Weichai America Corp., Weichai America Corp. had been issued 4,771,248 shares of Common Stock in exchange for 2,385,624 shares of Series B Preferred Stock (which had been
convertible into Common Stock on the basis of two shares of Common Stock for each share of Series B Preferred Stock) held by Weichai America Corp. (the “Exchange”). As a result of the Exchange, the number of shares of the Issuer’s
currently outstanding Common Stock increased and the percentage ownership of Common Stock of the Reporting Person decreased as described in this amendment. Additionally, in connection with the Exchange, the Stock Pledge Agreement dated as of
March 31,2017, by and among Weichai America Corp., the Reporting Person and Kenneth Winemaster was terminated. Also on November 30,2017, in connection with the Exchange, the Issuer, Weichai America Corp., the Reporting Person and Kenneth
Winemaster entered into a letter agreement pursuant to which they waived certain voting provisions relating to the conversion of the Series B Preferred Stock and the delivery of consents and proxies in connection therewith.
CUSIP No. 73933G202
Shares of Power Solutions International Inc (OTCMKTS:PSIX) traded down $0.20 during midday trading on Tuesday, hitting $8.00. The stock had a trading volume of 9,160 shares, compared to its average volume of 7,533. Power Solutions International Inc has a 12-month low of $2.76 and a 12-month high of $12.50.
WARNING: This story was posted by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are viewing this story on another domain, it was stolen and reposted in violation of United States and international trademark and copyright laws. The original version of this story can be accessed at https://theolympiareport.com/2017/12/05/winemaster-gary-s-declares-ownership-of-stake-in-power-solutions-international-inc-psix.html.
About Power Solutions International
Power Solutions International, Inc is a producer and distributor of a range of low-emission power systems that run on non-diesel fuels, such as natural gas, propane and gasoline. The Company’s industrial power systems are used by original equipment manufacturers (OEMs) in a range of industries with a diversified set of applications, including stationary electricity generators, oil and gas equipment, forklifts, aerial work platforms, industrial sweepers, arbor equipment, agricultural and turf equipment, aircraft ground support equipment, construction and irrigation equipment, and other industrial equipment.
Want to see what other hedge funds are holding PSIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Power Solutions International Inc (OTCMKTS:PSIX).
Receive News & Ratings for Power Solutions International Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Power Solutions International Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.