secwatch.observer — SEC 8-K summary
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Issuer:     NewtekOne, Inc. (NEWT)
CIK:        0001587987
Form:       8-K
Filed at:   2023-02-07T23:59:59+00:00
Accession:  0001587987-23-000047
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1587987/000158798723000047/0001587987-23-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1587987/000158798723000047/newt-20230207.htm
  HTML page:      https://secwatch.observer/filing/0001587987-23-000047

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer