Kushner-Locke Co., the TV production company, said it plans to file with the Securities & Exchange Commission for a public offering of 5 million common shares.
The company also said it will cancel its planned offering of up to $ 10 million of convertible subordinated debentures. Details on the debenture offering were not immediately available.
Kushner-Locke said proceeds from the stock offering will be used for working capital and other general corporate purposes, including financing of the company’s production activities.
The stock closed up 3 cents to $ 1.09.