SoFi Technologies (SOFI) has shared an announcement.
SoFi Technologies, Inc. has announced its plan to redeem all outstanding shares of its Series 1 Redeemable Preferred Stock on May 29, 2024, for a sum that includes the share value plus any unpaid dividends, amounting to a total payment of approximately $339.9 million. This strategic financial move is set to save the company an estimated $29.3 million in dividend payments for the year. The redemption comes ahead of a scheduled dividend rate increase and affects notable shareholders, including entities affiliated with Silver Lake and the company’s CEO, Anthony Noto.
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