secwatch.observer — SEC 8-K summary
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Issuer:     FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG)
CIK:        0000910073
Form:       8-K
Filed at:   2024-08-13T23:59:59+00:00
Accession:  0001193125-24-199447
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NYCB exchanges 63,357 Series B preferred shares for 21.1M common shares with three investors
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- Liberty 77 Capital exchanged 29,000 Series B shares for 9,666,665 common shares; Hudson Bay exchanged 22,500 Series B for 7,499,998 common; Reverence exchanged 11,857 Series B for 3,952,332 common.
- Common shares outstanding post-exchange: 372,551,600 (up from 351,432,605 as of Aug 9).
- Exchanges comply with 9.99% beneficial ownership cap; no investor exceeds limit after transaction.
- Reverence holds no Series B after exchange; Liberty retains 114,355 Series B convertible to ~38.1M common; Hudson Bay retains 14,350 Series B convertible to ~4.78M common.
- Series B shares were acquired in March 2024 as part of a $1.05B capital raise; exchanges were contemplated under the original investment agreements.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/910073/000119312524199447/0001193125-24-199447-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/910073/000119312524199447/d745147d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-199447

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