Business
Rimini Street Announces Additional Repurchase of $10 Million Par Value of Series A Preferred Stock
Transaction brings total par value of Series A Preferred Stock repurchased to $15 million including $5 million repurchased in October 2020 LAS
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nTransaction brings total par value of Series A Preferred Stock repurchased to $15 million including $5 million repurchased in October 2020\n\n LAS VEGAS--(BUSINESS WIRE)--\nRimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced the completion of repurchases totaling $15 million par value of Series A preferred stock at an aggregate purchase price of $13.45 million, or 89.7% of par value. Repurchases of $5 million took place on October 30, 2020 and $10 million on January 5, 2021. As part of the transaction terms, the requirement to pay “make-whole” dividends through the end of the “non-call” date of July 19, 2021, was waived and the repurchased shares were retired. Please see Rimini Street’s SEC 8-K filings made on November 2, 2020, and January 6, 2020, which include copies of the stock purchase agreements, for additional information.\n\n“The repurchase of the preferred stock presented us with an opportunity to lower our cost of capital, increase cash flow and reduce the Series A preferred stock obligations. We continue to evaluate the capital markets for additional opportunities to lower our cost of capital and optimize our capital structure for the benefit of shareholders,” stated Michael L. Perica, chief financial officer, Rimini Street.\n\nRimini Street, Inc.\n\nRimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,700 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)\n\nForward-Looking Statements\n\nCertain statements included in this c...