An S-1 was filed today. If you read the entire thing, probably 40-50 pages it basically says these shares were created by the $55 million bond holders converting some of their bonds to shares. The interesting thing is I saw last week where one fund cashed in some bonds for 75,000 shares at $10.50 conversion per share. This same fund bought 150,000 shares in open market about 1-2 weeks before. The good news for holders is that it will help the float unless they're being sold again between themselves. Here's the news release today:
"U.S. Concrete (USCR) Files 747.9K Common Shelf for Selling Shareholders 11:32 am ET 03/18/2011- StreetInsider U.S. Concrete, Inc. (Nasdaq: USCR) filed a registration with the U.S. Securities and Exchange Commission today to sell, from time to time, up to 747,903 shares of Common Stock on behalf of Selling Shareholders.
U.S. Concrete will not receive any of the proceeds from the sale of these shares by the Selling Shareholders."
I would add that this appears to be reducing USCR's debt....by $8 million+/-.......they also mentioned in the SEC filing it might be shares given in exchange for interest payments. Good way of conserving cash if that's the case as well. Getting interesting. DaninFW