dividend
confidence high
sentiment positive
materiality 0.55
HGGC waives 4.5% PIK dividends on all 115,000 Upland Series A preferred shares, effective Oct 1, 2026
Upland Software, Inc.
- Ulysses Aggregator LP, HGGC affiliate holding all 115,000 Series A Convertible Preferred shares, waived dividend accrual indefinitely effective October 1, 2026.
- Waived dividends (4.5% annually, paid in kind into liquidation preference) are permanently forgiven, with no catch-up even if the waiver is later revoked.
- Majority Series A holders can revoke prospectively, effective the first quarterly dividend period at least 30 days after written notice to Upland.
- Company expects full quarterly benefit starting Q4 2026 through higher net income attributable to common; liquidation preference held flat and fewer common shares issuable on conversion.
- CEO Sean Nathaniel links the waiver to the 'Simplify and Delever' phase through early 2027, then Stabilize and Expand in 2027 and Grow in 2028+; HGGC's David Chung sits on the board.