Lee Enterprises closes $50M private placement, change of control; CEO/CFO depart

LEE ENTERPRISES, Inc

Closed $50M private placement; sold ~16M shares at $3.25/share; Anchor Investor David Hoffmann now holds ~52%.
David Hoffmann appointed Chairman; Kevin Mowbray retired as CEO; Nathan Bekke named Interim CEO.
CFO Tim Millage resigned; Josh Rinehults appointed Interim CFO.
Credit agreement amended: interest on $455.5M debt cut from 9% to 5% for 5 years; expected ~$18M annual savings.
Stockholders approved charter amendment increasing authorized shares from 12M to 40M.

item 1.01 item 3.02 item 3.03 item 5.03 item 5.01 item 5.02 item 5.07 item 7.01 item 9.01

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Source: SEC EDGAR

accession 0001213900-26-012780

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