The Company also intends to launch a $400 million rights offering to Class A shareholders, with the support of the Ishbia Family and Oaktree, if needed. The rights offering will have a record date of October 2, 2026 (the "Record Date") and is expected to commence on October 5, 2026 and expire at 5:00 p.m. Eastern Time on November 12, 2026. Each holder of Class A Common Stock as of the Record Date will receive one subscription right for each share of Class A Common Stock owned (each, a "Right"). Each Right will entitle the holder to purchase its pro rata portion of the 200 million shares of Class A Common Stock offered at a subscription price per share equal to the greater of: (i) $2.00 and (ii) 85% of the volume-weighted average price per share of the Class A Common Stock during the ten consecutive trading days commencing on October 27, 2026 and ending on November 9, 2026. The Rights will be transferable and listed on the NYSE. There will also be an oversubscription option for the holders of the Rights. Complete terms will be set forth in the Company's Current Report on Form 8-K to be filed with the SEC.
Login to comment