CaliberCos convert $15.9M in preferred equity into common stock

Caliber announced that an institutional investor elected to convert approximately $15.9 million of perpetual convertible preferred equity into shares of the Company’s common stock. Under the original investment, Caliber issued 15,868 shares of Series B Preferred Stock at a purchase price of $1,000 per share, resulting in gross proceeds of $15,868,000. The holder has exercised its conversion right at a price of $250 per share, resulting in the issuance of 63,472 shares of common stock. The preferred equity carried no dividend and was perpetual in nature.