Tectonic Financial, Inc. announced the redemption of its 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock.
The redemption will result in the delisting of the Preferred Stock from NASDAQ and the deregistration with the SEC.
The Company aims to redeem all issued and outstanding Preferred Stock for a redemption price of $10.00 per share plus unpaid dividends.
Redemption of Preferred Stock
1,725,000 shares outstanding, aggregate liquidation preference of $17.25 million.
Delisting and Deregistration
Intends to remove Preferred Stock listing and deregister under the Exchange Act.
Financial Impact
Significant cost savings and reduced reporting obligations after delisting and deregistration.
- The redemption of Preferred Stock signifies a strategic financial move by Tectonic Financial, Inc.
- Delisting and deregistration will lead to cost savings and efficiency improvements in reporting processes.
- The Company's decision to delist and deregister is based on multiple factors, including reducing expenses and enhancing operational focus.
Tectonic Financial's initiative to redeem Preferred Stock and delist from NASDAQ reflects a strategic shift towards optimization and cost-efficiency.