Lindblad Expeditions Holdings (LIND) exercised its mandatory conversion right on all outstanding shares of its 6% Series A convertible preferred stock and issued a notice of mandatory conversion to preferred shareholders.

The mandatory conversion right was triggered on Friday after the volume-weighted average price of its common shares exceeded $14.25 for at least 20 of 30 consecutive trading days, the company said Tuesday in a statement.

Lindblad set Feb. 3 as the effective date for 62,000 preferred shares to convert into 9 million common shares.

Price: 15.65, Change: -0.59, Percent Change: -3.60