Caliber (CWD) said that an institutional investor converted about $15.9M of its Series B perpetual convertible preferred equity into common stock.
The investor converted 15,868 preferred shares, originally issued at $1,000 each, into 63,472 common shares at a $250 per share conversion price.
The company said the move removes $15.9M of preferred equity from its balance sheet and replaces it with common equity, thereby reducing capital senior to common shareholders and streamlining its capitalization, while overall shareholder equity remains unchanged.
