secwatch.observer — SEC 8-K summary
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Issuer:     COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)
CIK:        0000023197
Form:       8-K
Filed at:   2024-01-23T23:59:59+00:00
Accession:  0000950142-24-000204
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Comtech issues $45M Series B convertible preferred, exchanges all Series A-1
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- Issued 45,000 shares Series B Convertible Preferred at $1,000 each for $45M; 9% PIK or 7.75% cash dividend.
- Exchanged 100,000 Series A-1 shares for 115,721 Series B shares; no Series A-1 remains outstanding.
- Conversion price $7.99 per common share; mandatory conversion available after July 22, 2027.
- Investors get warrant to buy common if repurchased; nominee director right if $50M+ liquidation preference held.
- Magnetar and White Hat Capital are the investors; standstill and voting restrictions apply.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/23197/000095014224000204/0000950142-24-000204-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/23197/000095014224000204/eh240441119_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-24-000204

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