PowerFleet (PWFL) Preferred Stock Redemption Analysis - Roth Capital
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Roth Capital analyst Scott W. Searle reiterated a Buy rating and $9.50 price target on PowerFleet (NASDAQ: PWFL) after the company announced it had entered into a preferred stock redemption rights agreement with ABRY Capital.
The analyst stated "The two-step process requires 1. shareholder approval (targeted for July) and 2. Board approval (expected in the Fall). The result would reduce $10M of outstanding Series A Preferred Stock resulting in annual interest savings of $750k and the reduction of fully diluted shares outstanding of ~1.4M. We estimate the move is earnings neutral in CY22."
Shares of PowerFleet closed at $6.89 yesterday.
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