AVON RENT-A-CAR & TRUCK Corp. said it declared a dividend of one warrant for each three shares of common stock.
Currently, Avon, based in Santa Monica, Calif., has 3.3 million common shares outstanding.
About 1.1 million Class C warrants were issued, the company said.
Each of the Class C warrants will enable the holders to purchase one share of common stock at $5.50.
The warrants may be exercised until 90 days after their issue date.
Avon also said it will issue an additional 243,677 of the Class C warrants to holders of its Class A, Class B and unclassified warrants.
Issuance of those warrants will be at the rate of one-third warrant for each warrant exercised.