Current Report Filing (8-k)
September 29 2022 - 4:28PM
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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. ¨
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.
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 |
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