Business
Rimini Street, Inc. Announces Notice of $60 Million Face Value Redemption of Series A Preferred Stock
LAS VEGAS--(BUSINESS WIRE)-- Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third party
About this update from Rimini Street, Inc.
[{"type":"text","content":" 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 that it has elected to deliver, pursuant to early redemption rights, a notice to holders of the Company’s 13.00% Series A Convertible Preferred Stock (the “Series A Preferred Stock”), that the Company will redeem 60,000 shares of Series A Preferred Stock with a face value of $60 million (the “Redeemed Shares”) on April 16, 2021 (the “Redemption Date”).\n\nThis early redemption of $60 million face value of Series A Preferred Stock follows the Company’s repurchases of a total of $15.0 million face amount of Series A Preferred Stock in transactions closed in October 2020 and January 2021. The Company may redeem up to an additional $20 million face value of the Series A Preferred Stock in certain circumstances before July 19, 2021, and the remaining Series A Preferred Stock may be redeemed after July 19, 2021. Any remaining shares of the Series A Preferred Stock will become redeemable at the election of holders of a majority of the Series A Preferred Stock beginning July 19, 2023.\n\nThe redemption price will be $1,039.05 per Redeemed Share (the “Redemption Price”), which consists of the liquidation preference of $1,000 and a make-whole payment of $39.05.\n\nFrom and after the Redemption Date, the Redeemed Shares will no longer be deemed to be outstanding, and all rights of the holders in respect of the Redeemed Shares will terminate, except the right of the holders to receive, from and after the Redemption Date, the Redemption Price, without interest.\n\nHolders of Series A Preferred Stock may convert, prior to the Redemption Date, some or all of the Redeemed Shares into shares of the Company’s Common Stock in accordance with the terms and provisions of the Certificate of Designations of the Series A Preferred Stock.\n\nAbout Rimini 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 l...