First Foundation (FFWM) just unveiled an update.
First Foundation Inc. has struck a major investment deal totaling about $228 million with several investment firms including Fortress Credit Advisors, Canyon Partners, and Strategic Value Bank Partners, among others. This strategic move involves the issuance of common and preferred stocks, as well as warrants, which are subject to a 180-day lock-up period. Additionally, the company is required to seek stockholder approval for an amendment to increase authorized shares and for the issuance of shares that exceeds 20% of voting power. Incentive warrants will also be issued if stockholder approval is not obtained within a specified timeframe. The agreement comes with indemnification clauses and sets the stage for a reconstitution of the company’s board, reflecting the new stakeholders’ influence.
For a thorough assessment of FFWM stock, go to TipRanks’ Stock Analysis page.
