By James McCandless
San Antonio, Sept. 14 – DPW Holdings, Inc. priced a $25 million offering of $25-par series A cumulative redeemable perpetual preferred stock at a discount of $23.50 with a dividend of 10%, according to filings with the Securities and Exchange Commission.
There is no greenshoe.
The preferreds are redeemable on or after Sept. 30, 2023 at par. Prior to that, they are redeemable within 120 days upon the occurrence of a change of control.
DPW plans to use the proceeds for acquisitions, for investments in debt or equity securities (including real estate), for repayment of existing debt, to fund organic growth initiatives and for general corporate purposes.
The company intends to list the preferreds on the NYSE American under the symbol “DPWP.”
DPW is a Newport, Calif.-based power systems solutions manufacturer.
| Issuer: | DPW Holdings, Inc.
|
| Description: | Series A cumulative redeemable perpetual preferred stock
|
| Face amount: | $25 million, or 1 million shares
|
| Proceeds: | $23.5 million
|
| Maturity: | Perpetual
|
| Dividend: | 10%
|
| Price: | $23.50
|
| Liquidation preference: | $25.00
|
| Call: | On or after Sept. 30, 2023 at par; prior to that, within 120 days of a change of control
|
| Pricing date: | Sept. 14
|
| Settlement date: | Sept. 21
|
| Distribution: | SEC Registered
|
| Listing: | NYSE American: DPWP
|
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