JAKKS Pacific redeems all Series A Preferred Stock for $35M in cash and stock

JAKKS PACIFIC INC

Redeemed all outstanding Series A Senior Preferred Stock for $35M aggregate: $20M cash plus 571,295 common shares (~$15M at $26.26/share).
Preferred holders include Benefit Street Partners, Axar Master Fund, and Concise funds; company also entered Registration Rights Agreement for the common shares.
Redemption eliminates preferred dividend obligation and simplifies capital structure.
Shares issued represent about 5.3% of pre-existing common outstanding (10.2M shares pre-issuance).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

JAKKS PACIFIC INC entered into Redemption Agreement with holders of its Series A Senior Preferred Stock valued at $35 million (effective 2024-03-08).

Action: entry
Counterparty: holders of its Series A Senior Preferred Stock
Value: $35 million
Effective: 2024-03-08

Exact text from the filing

On March 8, 2024, the registrant entered into a Redemption Agreement (the “Redemption Agreement”) with the holders of its Series A Senior Preferred Stock (the “Preferred Stock”). Pursuant to the terms of the Redemption Agreement, the Company redeemed all outstanding shares of the Preferred Stock for an aggregate purchase price of $35 million, consisting of $20 million of cash and 571,295 shares of its common stock ( the “Common Stock”), valued at $15 million, or $26.26 per share.

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JAKKS PACIFIC INC filing history →

Source: SEC EDGAR

accession 0001185185-24-000235

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