United Homes Group stock plunges after Nikki Haley, directors resign
NewtekOne, Inc. (NASDAQ:NEWT), a financial services company with a market capitalization of $317 million and strong financial health according to InvestingPro metrics, has eliminated its Series A Convertible Preferred Stock as a class of authorized stock, according to a filing submitted Wednesday with the Securities and Exchange Commission. The company filed Articles Supplementary to its amended and restated articles of incorporation with the Maryland State Department of Assessments and Taxation on Tuesday.
No shares of Series A Convertible Preferred Stock were issued or outstanding at the time of the filing. As a result, all shares previously designated as Series A Preferred Stock have been reclassified and redesignated as authorized and unissued shares of the company’s stock without designation as to class or series.
NewtekOne’s board of directors authorized this action, which is now reflected in the company’s charter documents. The filing states that the description of the Series A Preferred Stock and the Articles Supplementary is qualified in its entirety by the terms of the official filing.
NewtekOne, Inc. is based in Boca Raton, Florida, and its common stock and several series of notes are listed on the Nasdaq Global Market. This information is based on a press release statement included in the company’s Form 8-K filing with the SEC.
In other recent news, NewtekOne, Inc. reported its second-quarter 2025 financial results, showing earnings per share in line with expectations at $0.52. However, the company’s revenue fell short of forecasts, reaching $70.2 million compared to the anticipated $73.88 million. NewtekOne also announced a $50 million preferred stock offering through depositary shares, representing a 1/40th interest in its 8.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. The offering includes an option for underwriters to purchase an additional 150,000 depositary shares. Furthermore, NewtekOne expanded its revolving credit facility with Capital One, increasing it from $60 million to $100 million to support its Alternative Loan Program loans. This move follows a similar expansion with Deutsche Bank earlier this year. Additionally, NewtekOne established a new class of Series B preferred stock, with a par value of $0.02 per share and a liquidation preference of $1,000 per share. These developments highlight the company’s strategic financial maneuvers in recent times.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.