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Investing.com -- CaliberCos Inc (NASDAQ:CWD) stock surged 29% in premarket trading Wednesday after the company announced it has closed a $15.9 million securities purchase agreement and established an At-The-Market equity program.
The real estate and digital asset management platform sold 15,868 shares of Series B Preferred Stock at $1,000 per share to an institutional investor. The preferred stock is convertible into Caliber common shares at $250 per share, carries no voting rights, pays no dividends, and ranks senior to the company’s common stock but junior to its Series A and Series AA Preferred Stock.
Caliber also activated an ATM program with approximately $10.3 million of initial availability under its existing $50 million shelf registration. The program will allow the company to sell common stock at prevailing market prices to raise capital for business initiatives, including its Digital Asset Treasury strategy focused on accumulating Chainlink (LINK) tokens.
"This perpetual preferred investment, paired with the flexibility of our new ATM program, strengthens Caliber’s balance sheet and provides us with capital to continue executing our strategy," said Chris Loeffler, Chief Executive Officer of Caliber.
The company noted it is the first Nasdaq-listed firm to publicly announce a treasury strategy centered on Chainlink. Lafferty & Co. is serving as lead sales agent for the ATM program, with Benchmark Company acting as co-manager.
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