Velocity Financial Announces Conversion of Series A Preferred Stock
08 Outubro 2021 - 9:30AM
Business Wire
Velocity Financial, Inc. (NYSE: VEL), ("Velocity" or the
"Company"), a leading provider of small balance investor loans,
today announced the voluntary conversion of all 45,000 outstanding
shares of the Company’s Series A Convertible Preferred Stock into
11,688,310 shares of Velocity common stock.
As a result of the conversion, the $90 million liquidation
preference value of the Series A Convertible Preferred Stock
previously reflected as mezzanine equity in our statements of
financial condition, has been reclassified to permanent
stockholders’ equity. Following the conversion, the Company will no
longer have any Series A Convertible Preferred Stock outstanding or
any shares outstanding with a liquidation preference.
Velocity’s stockholders’ equity as of June 30, 2021, was $233
million. For illustration purposes, had the conversion occurred as
of June 30, 2021, stockholders’ equity would have been $323
million.
"Successful completion of the Series A Convertible Preferred
Stock conversion removes uncertainties around the liquidation
preference related to the preferred stock and further strengthens
the Company’s capital structure," said Mark Szczepaniak, Chief
Financial Officer. "The opportunity to convert our preferred stock
results from Velocity’s strong financial performance and the
momentum we have developed in growing our origination
platform."
About Velocity Financial, Inc.
Based in Westlake Village, California, Velocity is a vertically
integrated real estate finance company that originates and manages
investor loans secured by 1-4 unit residential rental and small
commercial properties. Velocity originates loans nationwide across
an extensive network of independent mortgage brokers it has built
and refined over 16 years. For additional information, please visit
the Company’s investor relations website at www.velfinance.com.
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