Orchid Island Capital (ORC) Announces Proposed 7.6M Share Common Offering

Orchid Island Capital, Inc. (NYSE: ORC) announced today that it plans to make a public offering of 7,600,000 shares of its common stock. The Company also expects to grant the underwriter an option to purchase up to an additional 1,140,000 shares of common stock. J.P. Morgan will serve as sole bookrunning manager for the offering.

The Company intends to use the net proceeds of this offering to invest in a targeted mix of Agency RMBS and for general corporate purposes. The Company then expects to borrow against the Agency RMBS that it purchases with the net proceeds of this offering through repurchase agreements and use the proceeds of the borrowings to acquire additional Agency RMBS.

The offering is being made pursuant to the Company’s existing shelf registration statement, which was declared effective by the Securities and Exchange Commission (the “SEC”) on February 10, 2020.

You May Also Be Interested In

• Change Agents completes phase 2 of its AI video platform Catch-Up
• TryHard Holdings regains Nasdaq compliance after reverse stock split
• Aon to acquire USI Insurance for $17 billion in cash