Chicago, Aug. 26 – Fortress Biotech, Inc. priced $12 million of additional $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 9.375%, according to a press release on Wednesday.
The underwriters have a 45-day option to purchase up to 66,666 additional shares at the public offering price, less underwriting discounts and commissions.
Benchmark Co. and ThinkEquity are the bookrunners.
Dividends are payable on the last day of each month.
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 plans to use the proceeds for 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 is a New York-based biotechnology company.
| Issuer: | Fortress Biotech, Inc.
|
| Description: | Series A perpetual preferred stock
|
| Amount: | $12 million, or 666,666 million shares
|
| Greenshoe: | 66,666 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Benchmark Co. and ThinkEquity
|
| Dividend: | 9.375%
|
| Price: | $18.00
|
| Liquidation preference: | $25.00
|
| Call: | On or after Dec. 15, 2022 at par
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: FBIOP
|
|
|
© 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.
