Overview

• Caliber closed a $15.9 million sale of Series B perpetual convertible preferred to an institutional investor, issuing 15,868 shares at $1,000 each.
• The Series B preferred carries no voting rights or dividends and is convertible into common stock at $250 per share, ranking senior to common equity but junior to Series A and AA preferred.
• The company activated an At-The-Market equity program with approximately $10.3 million in initial capacity under its existing $50 million shelf registration.
• Lafferty & Co. is the lead sales agent for the ATM, with Benchmark Company serving as co-manager.
• Shares of Caliber (CWD) rose intraday following the announcement, with Benzinga reporting a gain of about 19.8% to $7.61 at the time of publication.