By James McCandless
San Antonio, April 5 – Fortress Biotech, Inc. registered to sell up to $26 million more of its 9.375% series A cumulative redeemable preferred stock on Thursday, according to a filing with the Securities and Exchange Commission
B. Riley FBR, Inc., National Securities Corp., LifeSci Capital LLC, Maxim Group LLC and Noble Capital Markets, Inc. are the sales agents.
Fortress originally priced $25 million of the preferreds in November with a 9.375% yield.
The terms of the additional preferreds are identical to the November pricing.
Fortress will sell up to $26 million gross sales price of the preferreds.
The securities are redeemable after Dec. 15, 2022 at par plus accrued dividends.
Proceeds will be used for operations, general corporate purposes, research and development, clinical trials, debt repayment and working capital.
The preferreds are listed on the New York Stock Exchange under the ticker symbol “FBIOP,” most recently trading at $22.89.
The biopharmaceutical company is based in New York.
| Issuer: | Fortress Biotech, Inc.
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| Issue: | Series A cumulative redeemable preferred shares
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| Amount: | $26 million
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| Maturity: | Perpetual
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| Sales agents: | B. Riley FBR, Inc., National Securities Corp., LifeSci Capital LLC, Maxim Group LLC and Noble Capital Markets, Inc
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| Dividend: | 9.375%
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| Call: | After Dec. 15, 2022 at par plus accrued dividends
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| Distribution: | At the market
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| Listing: | NYSE: “FBIOP”
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