SEC Filing Summary: Five Oaks Investment Corp. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Five Oaks Investment Corp. on May 21, 2014. The filing discloses the entry into a material definitive agreement for a preferred stock offering and amendments to the company's Articles of Incorporation. Note: The request metadata referenced "Lument Finance Trust, Inc.", but the source document explicitly identifies the registrant as Five Oaks Investment Corp.
Key Financial Metrics and Capital Structure
- Preferred Stock Offering: The Company entered into an Underwriting Agreement to issue 600,000 shares of 8.75% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share.
- Over-Allotment Option: Underwriters were granted a 30-day option to purchase up to 90,000 additional shares. This option was fully exercised on May 22, 2014.
- Total Issuance: The total offering consisted of 690,000 shares (600,000 base + 90,000 option).
- Closing Date: The offering and option exercise closed on May 27, 2014.
- Authorized Shares: The aggregate number of authorized Series A Preferred Stock shares was increased from 920,000 to 1,610,000 shares.
- Revenue/Profit/Cash Flow: The filing text does not provide specific values for revenue, profit, cash flow, margins, or debt levels.
Material Changes
The primary material change is the capital raise through the issuance of Series A Preferred Stock. Additionally, the Company amended its Articles Supplementary on May 22, 2014, to increase the authorized share count for the Series A Preferred Stock to accommodate the offering.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond standard disclosures regarding the underwriting agreement. The document notes that underwriters or their affiliates may engage in various financing and investment banking services with the Company for which they receive customary fees.
Key Facts for Investor Verification
- Verify the total gross proceeds from the sale of 690,000 shares of Series A Preferred Stock at $25.00 per share.
- Confirm the use of proceeds from the offering as detailed in the Prospectus Supplement referenced in the filing.
- Review the specific terms of the 8.75% Series A Cumulative Redeemable Preferred Stock, including dividend payment dates and redemption rights.
- Check subsequent filings for the impact of this capital raise on the Company's liquidity and leverage ratios.