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NewtekOne, Inc. (NASDAQ:NEWT), currently trading at $12.15 and maintaining an 11-year track record of consistent dividend payments with a 6.2% yield, announced Wednesday it has entered into an underwriting agreement for the public offering of 2,000,000 depositary shares, each representing a 1/40th interest in a share of its 8.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. Each share of Series B Preferred Stock carries a liquidation preference of $1,000, making the liquidation preference for each depositary share $25.00. The total value of the offering is $50 million, not including any additional shares that may be sold under an option granted to the underwriters. According to InvestingPro data, the company’s current market capitalization stands at $320 million, with the stock currently trading below its Fair Value, suggesting potential upside opportunity.
Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are acting as representatives for the underwriters named in the agreement. Under the terms of the agreement, the underwriters have been granted an option to purchase up to an additional 150,000 depositary shares at the public offering price, less the applicable underwriting discount.
The depositary shares and underlying Series B Preferred Stock are being offered on the Nasdaq Global Market. The company did not disclose the expected closing date for the offering in the filing.
This information is based on a statement provided in a filing with the Securities and Exchange Commission.
In other recent news, NewtekOne, Inc. reported its second-quarter 2025 financial results, showing a mixed performance. The company’s earnings per share matched expectations at $0.52, but revenue fell short, totaling $70.2 million compared to the anticipated $73.88 million. Despite this revenue miss, NewtekOne’s stock remained stable. Additionally, NewtekOne announced an expansion of its revolving credit facility with Capital One, N.A., increasing the facility from $60 million to $100 million and extending its maturity by two years. This expanded facility aims to support the origination of Alternative Loan Program loans prior to their securitization. This development follows a similar expansion of the company’s Deutsche Bank ALP facility earlier in June. These recent developments highlight NewtekOne’s ongoing efforts to strengthen its financial position and support its loan origination activities.
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