Converted Organics slides nearly 11% on plans to redeem class A warrants

Converted Organics Inc. (Nasdaq:COIN)  dropped 10.7% this morning after the company announced plans to redeem $14 million worth of Class A warrants.

The Boston, Mass.-based maker of all-natural, organic said Tuesday afternoon that it will use the money to support and accelerate its continued expansion and development, including the construction of a new facility in Rhode Island.

By mid-day, Converted Organics is at $6.93, down 10.7% from Tuesday’s close. Shares have ranged between $2.14 and $16.30 in the past year.

For detailed price information and news stories on Converted Organics, click COIN.

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