TMCnet News
TriState Capital Closes $105 Million Capital Raise, Issuing Common Equity, Convertible Preferred Stock and Warrants to Funds Managed by Stone Point Capital LLC
[December 30, 2020]
TriState Capital Closes $105 Million Capital Raise, Issuing Common Equity, Convertible Preferred Stock and Warrants to Funds Managed by Stone Point Capital LLC
TriState Capital Holdings, Inc. (Nasdaq: TSC) ( TriState Capital or the company ) on Wednesday completed its previously announced plans to raise $105 million in capital, pursuant to its October 10, 2020 definitive investment agreement with funds managed by Stone Point Capital LLC ( Stone Point ).
The company issued 2,770,083 shares of TriState Capital common stock to the Stone Point-managed funds for $40 million in the company s first common equity raise since its 2013 initial public offering. Following the investment, these shares of common stock will represent approximately 8.5% of TriState Capital s common stock outstanding. Un