Rimini Street, Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Rimini Street, Inc. on March 16, 2021. The report details a corporate action regarding the redemption of Series A Preferred Stock.
Key Financial Metrics
- Preferred Stock Redemption: The Company issued a notice to redeem 60,000 shares of its 13.00% Series A Preferred Stock.
- Redemption Price: The aggregate redemption price is $62,343,000.
- Redemption Date: April 16, 2021.
- Funding Source: The redemption is funded by proceeds from two recent common stock offerings, which raised approximately $81 million in net proceeds.
- Other Metrics: The filing text does not provide specific values for revenue, profit, cash flow, margins, total debt, or liquidity ratios.
Material Changes
The primary material change is the reduction of the Company's preferred stock obligations through the partial redemption of $60 million face value of Series A Preferred Stock. This action utilizes capital raised from recent equity offerings.
Outlook and Management Commentary
Management has executed a capital structure adjustment by retiring high-cost preferred stock (13.00% interest rate) using proceeds from recent common stock issuances. No specific forward-looking guidance, risk factors, or contingencies beyond the redemption event are detailed in this specific filing.
Investor Verification Checklist
- Verify the final execution of the $62,343,000 redemption on April 16, 2021.
- Confirm the impact of the redemption on the Company's remaining preferred stock balance and future interest obligations.
- Review the terms of the recent common stock offerings that provided the $81 million in net proceeds.
- Check subsequent filings for any changes to the Company's liquidity position following the cash outflow for redemption.