Close

Form 8-K Ready Capital Corp For: Sep 29

September 29, 2022 5:28 PM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
0001527590 false 0001527590 2022-09-29 2022-09-29 0001527590 rc:CommonStock0.0001ParValuePerShareMember 2022-09-29 2022-09-29 0001527590 us-gaap:SeriesCPreferredStockMember 2022-09-29 2022-09-29 0001527590 us-gaap:SeriesEPreferredStockMember 2022-09-29 2022-09-29 0001527590 rc:Sec7.00ConvertibleSeniorNotesDue2023Member 2022-09-29 2022-09-29 0001527590 rc:Sec6.20SeniorNotesDue2026Member 2022-09-29 2022-09-29 0001527590 rc:Sec5.75SeniorNotesDue2026Member 2022-09-29 2022-09-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): September 29, 2022

 

 

 

READY CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-35808   90-0729143
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer Identification No.)

 

1251 Avenue of the Americas, 50th Floor

New York, NY 10020

(212) 257-4600

 

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

 

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.0001 par value RC New York Stock Exchange
6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share RC PRC New York Stock Exchange
6.50% Series E Cumulative Convertible Preferred Stock, $0.0001 par value per share RC PRE New York Stock Exchange
7.00% Convertible Senior Notes due 2023 RCA New York Stock Exchange
6.20% Senior Notes due 2026 RCB New York Stock Exchange
5.75% Senior Notes due 2026 RCC New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company               ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                 ¨

 

 

 

 

 

Item 8.01.Other Events.

 

On September 29, 2022, the Board of Directors of Ready Capital Corporation ( the “Company”) authorized an increase in the size of the Company’s existing stock repurchase program by an additional $25.0 million, bringing the total amount authorized under the program to $50.0 million. Repurchases under the stock repurchase program may be made at management’s discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements, and may be made in part under one or more Rule 10b5-1 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so. The timing and amount of any repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. A copy of the press release announcing the increase to the stock repurchase program is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01.         Financial Statements and Exhibits.

 

(d)        Exhibits.

 

Exhibit No.   Description
     
99.1   Press Release dated September 29, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

Signatures

 

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.

 

  READY CAPITAL CORPORATION
     
Date: September 29, 2022 By: /s/ Andrew Ahlborn
  Name: Andrew Ahlborn
  Title: Chief Financial Officer

 

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.1

XBRL TAXONOMY EXTENSION SCHEMA

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

XBRL TAXONOMY EXTENSION LABEL LINKBASE

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

IDEA: R1.htm

IDEA: tm2227002d2_8k_htm.xml

IDEA: Financial_Report.xlsx

IDEA: FilingSummary.xml

IDEA: MetaLinks.json



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings