Atlanticus Holdings Corporation Closes Preferred Stock Offering

About this update from Atlanticus Holdings Corporation

[{"type":"text","content":"ATLANTA, June 11, 2021 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus” or the “Company”) today announced the closing of its previously announced underwritten registered public offering of 2,800,000 shares of its 7.625% Series B Cumulative Perpetual Preferred Stock, no par value and liquidation preference of $25.00 per share (the “Preferred Stock”), at an initial public offering price of $25.00 per share. The offering resulted in net proceeds of approximately $67.2 million after deducting underwriting discounts and commissions, but before deducting expenses and the structuring fee. The Company expects to use the net proceeds of this offering for general corporate purposes, including the repurchase of common stock. The underwriters have a 30-day option to purchase up to an additional 420,000 shares of the Preferred Stock. Dividends on the Preferred Stock will be paid when declared by the Company’s Board of Directors at a fixed rate of 7.625% of the $25.00 liquidation preference per year, equivalent to $1.90625 per share per year. Shares of the Preferred Stock are expected to be listed on NASDAQ under the symbol “ATLCP” and are expected to begin trading within 30 days. B. Riley Securities, Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and William Blair & Company acted as book-running managers for this offering. Kingswood Capital Markets, division of Benchmark Investments, LLC, acted as lead manager for the offering. Aegis Capital Corp. and Maxim Group LLC acted as co-managers for this offering. Troutman Pepper Hamilton Sanders LLP acted as legal counsel to the Company. Alston & Bird LLP acted as legal counsel to the underwriters. The offering of these securities was made pursuant to an effective shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2021, and declared effective by the SEC on May 13, 2021. The offering will be made only by means of a prospectus and prospectus supplement. A copy of the prospectus and prospectus supplement relating to these securities may be obtained from the website of the SEC at http://www.sec.gov or by contacting: B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, Virginia 22209, Attn: Prospectus Department, Email: [email protected], Tele...

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