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CONVERTIBLE PREFERRED STOCK | 12 Months Ended
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Sep. 30, 2016
CONVERTIBLE PREFERRED STOCK |
CONVERTIBLE PREFERRED STOCK | 2. CONVERTIBLE PREFERRED STOCK: During fiscal 2016, the holders of Series A Convertible Preferred Stock (“Series A”) and Series B Convertible Preferred Stock (“Series B”), (collectively, the “Preferred Stock”) converted all of their holdings into a total of 98,707 common shares of the Company pursuant to the terms provided in the Preferred Stock agreements. At September 2015, 100,000 shares of Series A and 16,000 shares of Series B were outstanding as set forth in the following table:
|  | Series A |  | Series B |
Date of issuance: |  |  | June 17, 2004 |  |  | October 8, 2004 |
Optionally redeemable beginning |  |  | June 18, 2006 |  |  | October 9, 2006 |
Par value (gross proceeds): |  | $ | 2,500,000 |  | $ | 400,000 |
Number of shares outstanding at September 2015: |  |  | 100,000 |  |  | 16,000 |
Liquidation preference per share: |  | $ | 25.00 |  | $ | 25.00 |
Conversion price per share: |  | $ | 30.31 |  | $ | 24.65 |
Number of common shares in which to be converted: |  |  | 82,480 |  |  | 16,227 |
Dividend rate: |  |  | 6.785 | % |  | 6.37 | %
Mr. Christopher Atayan, AMCON’s Chief Executive Officer and Chairman of the Board, owned all of the outstanding shares of the Series A Preferred Stock and 8,000 shares of the Series B Preferred Stock. The Company paid cash dividends of approximately $0.1 million and $0.2 million during fiscal 2016 and fiscal 2015, respectively, to Mr. Atayan related to his ownership of the Series A Convertible Preferred Stock and Series B convertible Preferred Stock.

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