NewtekOne raises $20M via Series A Preferred and warrants in private placement to Patriot Financial Partners

NewtekOne, Inc.

Raised $20M via 20,000 shares of Series A Preferred at $1,000/share; cumulative 8% dividend, convertible at 20% premium to 30-day VWAP.
Issued warrants to purchase 47,540 common shares at $21.03468 (20% premium), exercisable for 10 years, net share settlement.
Investor receives board observer rights; upon trigger events (bank undercapitalized, consent order, or CEO departure), right to nominate director to NewtekOne board.
Investor must hold at least 50% of original Shares to retain board/observer rights and information rights.
Registration rights allow investor to request registration after five years; piggyback rights on company offerings.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

NewtekOne, Inc.: Designated 20,000 shares as Series A Convertible Preferred Stock via Articles Supplementary (effective 2023-02-03).

Change: charter amendment
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, the Company, in connection with the issuance of its Series A Preferred Stock described above, designated 20,000 shares of its authorized and unissued stock as Series A Convertible Preferred Stock and filed Articles Supplementary to the Company’s amended and restated charter with the State Department of Assessments and Taxation of Maryland

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13 governance changes filed in the last 30 days. Browse all governance changes →

NewtekOne, Inc. filing history →

Source: SEC EDGAR

accession 0001587987-23-000047

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