Franchise Group, Inc. Announces Offering of Series A Cumulative Perpetual Preferred Stock
January 11, 2021 07:44 ET | Source: Franchise Group, Inc. Franchise Group, Inc. Virginia Beach, Virginia, UNITED STATES
ORLANDO, Fla., Jan. 11, 2021 (GLOBE NEWSWIRE) Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) today announced it has commenced an underwritten registered public offering of shares of its 7.50% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $25.00 per share (the “Preferred Stock”). The Company expects to grant the underwriters a 30-day option to purchase additional shares of the Preferred Stock in connection with the offering.
The Company expects to use the net proceeds of this offering for general corporate purposes, including funding future acquisitions and investments.