Martin Lawrence Galleries Finishes Private Placement

Martin Lawrence Limited Editions Inc. completed its private placement of preferred stock. The Van Nuys-based art gallery concern said it raised $2.6 million from the private offering and issued 260,000 shares of preferred stock at $10 per share.

Each share of the preferred stock will convert into 10 shares of common stock, if Martin Lawrence’s common stock equals or exceeds $2.25 per share for 20 consecutive trading days.