Liquidation preference

Verastem Oncology Announces Up to $60 Million Private Placement Offering of Series B Convertible Preferred Stock

Retrieved on:

Tuesday, January 24, 2023

Biotechnology, Pharmaceutical, Health, Oncology, Verastem Oncology, Public expenditure, Prospectus, Liquidation preference, Common, Preferred stock, Patient, Parity, Common stock, Sale, Research, Exchange, Corporation, Cancer, Security (finance)

Truist Securities acted as sole placement agent for the private placement.

Key Points:

Truist Securities acted as sole placement agent for the private placement.
The holders will initially be prohibited from converting Preferred Stock into Common Stock if, as a result of such conversion, any holder, together with its affiliates, would beneficially own 9.99% or more of the total Common Stock then issued and outstanding immediately following the conversion of such shares of Preferred Stock.
Shares of Preferred Stock will have no voting rights, except as required by law and except that the consent of a majority of the holders of the outstanding Preferred Stock will be required to amend the terms of the Preferred Stock.
Holders of Preferred Stock are entitled to receive when, as and if dividends are declared and paid on the Common Stock, an equivalent dividend, calculated on an as-converted basis.

Arbor Realty Trust, Inc. Announces Pricing of Public Offering of Series E Cumulative Redeemable Preferred Stock

Retrieved on:

Wednesday, August 4, 2021

Financial markets, Finance, Financial economics, Corporate finance, Stock market, Initial public offering, Equity securities, Public offering, Prospectus, Preferred stock, Liquidation preference, Stock

UNIONDALE, N.Y., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (the Company) (NYSE:ABR) announced today that it has priced the public offering of 5,000,000 shares of its 6.25% Series E Cumulative Redeemable Preferred Stock (the Series E Preferred Stock), liquidation preference $25.00 per share, for gross proceeds of $125 million, before deducting underwriting discounts and estimated offering expenses.

Key Points:

UNIONDALE, N.Y., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (the Company) (NYSE:ABR) announced today that it has priced the public offering of 5,000,000 shares of its 6.25% Series E Cumulative Redeemable Preferred Stock (the Series E Preferred Stock), liquidation preference $25.00 per share, for gross proceeds of $125 million, before deducting underwriting discounts and estimated offering expenses.
The Company has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of the Series E Preferred Stock to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering to make investments relating to its business and for general corporate purposes.
The offering of these securities is being made only by means of a prospectus and related prospectus supplement.

MFS Municipal Closed-End Funds Announce Refinancing of Term of Preferred Shares

Retrieved on:

Tuesday, July 20, 2021

Banking, Professional services, Finance, Financial markets, Finance, Financial economics, Stock market, Equity securities, Corporate finance, Preferred stock, Share, Liquidation preference

MFS Municipal Income Trust (NYSE: MFM), MFS Investment Grade Municipal Trust (NYSE: CXH), MFS High Income Municipal Trust (NYSE: CXE), and MFS High Yield Municipal Trust (NYSE: CMU) today announced that each fund has completed the issuance of a new series of Remarketed Variable Rate MuniFund Preferred Shares, Series 2051 ("Series 2051 RVMTP Shares") in a private offering. MFM issued 1,138 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $113,800,000, CXH issued 488 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $48,800,000, CXE issued 975 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $97,5000,000, and CMU issued 750 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $75,000,000. Each fund used the proceeds from the sale of its Series 2051 RVMTP Shares to fund the redemption of all of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares"). Each fund's VMTP Shares were redeemed at its liquidation preference per share plus unpaid dividends accumulated from the original issue date to, but excluding, the redemption date. As a result of the Series 2051 RVMTP Shares issuance and the redemption of its outstanding VMTP Shares, each fund's leverage attributable to preferred shares remains substantially unchanged.

Key Points:

MFS Municipal Income Trust (NYSE: MFM), MFS Investment Grade Municipal Trust (NYSE: CXH), MFS High Income Municipal Trust (NYSE: CXE), and MFS High Yield Municipal Trust (NYSE: CMU) today announced that each fund has completed the issuance of a new series of Remarketed Variable Rate MuniFund Preferred Shares, Series 2051 ("Series 2051 RVMTP Shares") in a private offering.
MFM issued 1,138 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $113,800,000, CXH issued 488 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $48,800,000, CXE issued 975 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $97,5000,000, and CMU issued 750 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $75,000,000.
Each fund used the proceeds from the sale of its Series 2051 RVMTP Shares to fund the redemption of all of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares").
As a result of the Series 2051 RVMTP Shares issuance and the redemption of its outstanding VMTP Shares, each fund's leverage attributable to preferred shares remains substantially unchanged.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. and RiverNorth Specialty Finance Corporation Announce Preferred Dividends

Retrieved on:

Tuesday, July 20, 2021

Banking, Professional services, Finance, Financial markets, Finance, Money, Equity securities, Stock market, Corporate finance, Preferred stock, Liquidation preference, Stock

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. and RiverNorth Specialty Finance Corporation are each pleased to announce the declaration of preferred dividends for the third quarter of 2021, as detailed below.

Key Points:

With $5.3 billion1 in assets under management as of May 31, 2021, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest.
RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.
The distributions were calculated based on the preferred shares Liquidation Preference of $25.00 per share and most current quarterly distribution rate per share of $0.27344 for RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.s 4.375% Series A Cumulative Preferred Stock, and $0.36719 for RiverNorth Specialty Finance Corporations 5.875% Series A Term Preferred Stock, respectively.
RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation.

DigitalBridge Announces Redemption of 7.50% Series G Cumulative Redeemable Perpetual Preferred Stock

Retrieved on:

Thursday, July 15, 2021

Professional services, Technology, Other Technology, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Financial markets, Finance, Financial economics, Equity securities, Stock market, Corporate finance, Preferred stock, Liquidation preference, Stock, Share, Dividend, Corporate capitalism

DigitalBridge Group, Inc. (NYSE: DBRG) (DigitalBridge or the Company) today announced that it is redeeming all of its 3,450,000 outstanding shares of 7.500% Series G Cumulative Redeemable Perpetual Preferred Stock (NYSE: DBRG.PrG) (the Series G Preferred Shares) with a total liquidation preference of $86,250,000.

Key Points:

DigitalBridge Group, Inc. (NYSE: DBRG) (DigitalBridge or the Company) today announced that it is redeeming all of its 3,450,000 outstanding shares of 7.500% Series G Cumulative Redeemable Perpetual Preferred Stock (NYSE: DBRG.PrG) (the Series G Preferred Shares) with a total liquidation preference of $86,250,000.
Dividends on the Series G Preferred Shares will cease to accrue on the Redemption Date.
Upon redemption, the shares of the Series G Preferred Shares will be delisted from trading on the New York Stock Exchange.
Payment to DTC for the shares of Series G Preferred Shares will be made by American Stock Transfer & Trust Company, LLC, as redemption agent (the Redemption Agent).

Prospect Capital Announces Pricing of $150 Million in Aggregate Liquidation Preference of 5.35% Series A Perpetual Preferred Stock

Retrieved on:

Monday, July 12, 2021

Finance, Money, Financial markets, Corporate finance, Equity securities, Stock market, Venture capital, Preferred stock, NASDAQ, Stock, Liquidation preference, Series A round

NEW YORK, July 12, 2021 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (Prospect, our, or we) announced today the pricing of an underwritten public offering of 6 million shares, or $150 million in aggregate liquidation preference, of newly designated 5.35 % Series A Fixed Rate Cumulative Perpetual Preferred Stock (Series A Preferred Stock) at a public offering price of $25.00 per share.

Key Points:

NEW YORK, July 12, 2021 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (Prospect, our, or we) announced today the pricing of an underwritten public offering of 6 million shares, or $150 million in aggregate liquidation preference, of newly designated 5.35 % Series A Fixed Rate Cumulative Perpetual Preferred Stock (Series A Preferred Stock) at a public offering price of $25.00 per share.
In addition, Prospect has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of Series A Preferred Stock solely to cover over-allotments.
Morgan Stanley, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for this offering.
Prospect Capital Corporation is a business development company that focuses on lending to and investing in private businesses.

XAI Octagon Floating Rate & Alternative Income Term Trust Declares its Monthly Common Shares Distribution and Quarterly Preferred Shares Dividend

Retrieved on:

Thursday, July 1, 2021

Shareholders should not assume that the source of a distribution from the Trust is net income or profit.

Key Points:

Shareholders should not assume that the source of a distribution from the Trust is net income or profit.
The Trusts net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time.
The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period.
The Trusts 6.50% Series 2026 Term Preferred Shares dividend was calculated based on the preferred shares Liquidation Preference of $25.00 per share and the current quarterly distribution rate per share of $0.40625.

New York Mortgage Trust Announces Pricing of Public Offering of 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

Retrieved on:

Tuesday, June 29, 2021

Finance, Financial markets, Money, Corporate finance, Equity securities, Stock market, Preferred stock, Stock, NASDAQ, Par value, Liquidation preference, Public offering

NEW YORK, June 29, 2021 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the Company) announced today the pricing of a public offering of 5,000,000 shares of its 6.875% SeriesF Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the Series F Preferred Stock), liquidation preference $25.00 per share, for gross proceeds of $125,000,000 before deducting underwriting discounts and offering expenses.

Key Points:

NEW YORK, June 29, 2021 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the Company) announced today the pricing of a public offering of 5,000,000 shares of its 6.875% SeriesF Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the Series F Preferred Stock), liquidation preference $25.00 per share, for gross proceeds of $125,000,000 before deducting underwriting discounts and offering expenses.
The Company has applied to list the Series F Preferred Stock on the Nasdaq Global Select Market under the symbol NYMTL.
The Company intends to use the net proceeds of the offering to fund the redemption of all of the outstanding shares of its 7.875% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (the Series C Preferred Stock).
This press release does not constitute a notice of redemption of such Series C Preferred Stock or any other existing series of the Companys preferred stock.

CTO Realty Growth Announces Pricing of Upsized Public Offering of 6.375% Series a Cumulative Redeemable Preferred Stock

Retrieved on:

Monday, June 28, 2021

Finance, Financial markets, Money, Corporate finance, Stock market, Equity securities, Venture capital, Initial public offering, Preferred stock, Series A round, Liquidation preference, Wells Fargo

DAYTONA BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE: CTO) (CTO or the Company) today announced the pricing of a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the Series A Preferred Stock) at a public offering price of $25.00 per share.

Key Points:

DAYTONA BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE: CTO) (CTO or the Company) today announced the pricing of a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the Series A Preferred Stock) at a public offering price of $25.00 per share.
The Series A Preferred Stock will have a $25.00 per share liquidation preference.
CTO will receive gross proceeds of $75,000,000 from the sale of the Series A Preferred Stock before deducting the underwriting discount and other estimated offering expenses.
Wells Fargo Securities, LLC, BMO Capital Markets Corp. and BTIG, LLC are acting as joint book-running managers for the offering.

Atlanticus Holdings Corporation Closes Preferred Stock Offering

Retrieved on:

Friday, June 11, 2021

Financial markets, Finance, Money, Corporate finance, Equity securities, Stock market, Preferred stock, Stock, NASDAQ, Liquidation preference, Initial public offering, Common stock

ATLANTA, June 11, 2021 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (Atlanticus or the Company) today announced the closing of its previously announced underwritten registered public offering of 2,800,000 shares of its 7.625% SeriesB Cumulative Perpetual Preferred Stock, no par value and liquidation preference of $25.00 per share (the Preferred Stock), at an initial public offering price of $25.00 per share.

Key Points:

ATLANTA, June 11, 2021 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (Atlanticus or the Company) today announced the closing of its previously announced underwritten registered public offering of 2,800,000 shares of its 7.625% SeriesB Cumulative Perpetual Preferred Stock, no par value and liquidation preference of $25.00 per share (the Preferred Stock), at an initial public offering price of $25.00 per share.
The Company expects to use the net proceeds of this offering for general corporate purposes, including the repurchase of common stock.
The underwriters have a 30-day option to purchase up to an additional 420,000 shares of the Preferred Stock.
Shares of the Preferred Stock are expected to be listed on NASDAQ under the symbol ATLCP and are expected to begin trading within 30 days.