Fortress Biotech OK’s repurchase of $5 million 9.375% preferreds

By Wendy Van Sickle

Columbus, Ohio, March 23 – Fortress Biotech, Inc. said its board of directors authorized the repurchase of up to $5 million of its $25-par 9.375% series A cumulative redeemable perpetual preferred stock, according to a news release.

Fortress appointed ThinkEquity, a division of Fordham Financial Management, Inc., to purchase the stock on behalf of the company from March 23 until the earlier of May 31 or the date on which total repurchases reach $5 million.

The proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades or through other legally permissible means, depending on market conditions.

The board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size.

The company plans to fund repurchases from its existing cash balance.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.