Ontrak to price $25-par cumulative perpetual preferred stock

By James McCandless

San Antonio, Aug. 20 – Ontrak, Inc. plans to price an offering of $25-par series A cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co. are the bookrunners.

The co-managers are Incapital LLC, Benchmark Co., LLC, Boenning & Scattergood, Inc., Colliers Securities, LLC and ThinkEquity.

Dividends are payable on Feb. 28, May 30, Aug. 31, and Nov. 30 starting on Nov. 30, 2020.

The preferreds are redeemable after five years at par. Prior to that, the preferreds are redeemable within 90 days after a delisting event or with 120 days after a change of control at par.

Ontrak plans to use the proceeds for general corporate purposes, which may include working capital, mergers and acquisitions, and investments in technology.

The company plans to list the preferreds on the Nasdaq under the symbol “OTRKP.”

Ontrak is a Santa Monica, Calif.-based medical technology company.

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