Fortress Biotech Announces Preferred Share Repurchase Program
On March 23, Fortress Biotech (FBIOP) reported that its Board of Directors authorized a share repurchase program. Under the terms of the agreement, Fortress Biotech can repurchase up to $5 million of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock. Fortress Biotech appointed ThinkEquity to purchase the stock on behalf of the company in accordance with Rule 10-b of the Securities Exchange Act of 1934.
Sonal issued a news alert to subscribers at 9:20 am. The next trade took place at 9:30 am for $1.23. The stock price increased throughout the day of the announcement and continued to rise over the next three trading sessions. The stock closed at $1.71 on March 26 with a 39% gain.
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