Fortress greenshoe ups 9.375% perpetual preferreds to $14.38 million

By Marisa Wong

Los Angeles, Feb. 24 – The underwriters of Fortress Biotech, Inc.’s recent offering of 9.375% series A cumulative redeemable perpetual preferred stock exercised their $1,875,000 greenshoe in full.

The underwriters purchased an additional 93,750 shares at $20.00 per share on Thursday, according to a Monday press release. This brings the total to 718,750 shares, or $14,375,000.

Benchmark Co., LLC and ThinkEquity are the joint bookrunners.

The preferreds have a $25.00 liquidation preference.

As previously reported, dividends will be payable on March 31, June 30, Sept. 30 and Dec. 31, starting on March 31, 2020.

The preferreds are redeemable on or after Dec. 15, 2022 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.

Fortress Biotech plans to use the proceeds for its operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product and working capital.

Fortress Biotech is a New York-based pharmaceutical and biotechnology products developer.

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