Conversion Halted
RANCHO SANTA MARGARITA — L.L. Knickerbocker Co., a distributor of celebrity-endorsed collectible dolls and other products, said Thursday that it has temporarily stopped certain debt holders from converting their shares to common stock.
The company said it was suspending the conversion of $15.5 million worth of debt until it investigates “recent trading activity†that it believes is related to the debt offering, which was a private placement.
The stock price had fallen from $10.625 a share when the debt was issued Sept. 25 to $5.81 a share at Wednesday’s close. After the company’s announcement Thursday, the price jumped 20%, closing at $7 a share, up $1.19 a share in Nasdaq trading.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
