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Tuesday, 07/30/2019 4:22:23 PM

Tuesday, July 30, 2019 4:22:23 PM

Post# of 1777
Orchid Island Capital plans capital raise; shares slump 4.0%

Jul. 30, 2019 4:18 PM ET|About: Orchid Island Capital, Inc. (ORC)|By: Liz Kiesche, SA News Editor

Orchid Island Capital (NYSE:ORC) sinks 4.0% in after-hours trading after announcing plans for a public offering of 7M shares of common stock.

Expects to grant greenshoe option for up to an additional 1.05M shares.
Intends to use the net proceeds to invest in a targeted mix of Agency RMBS and for general corporate purposes.

The company then expects to borrow against the Agency RMBS that it purchases with the net proceeds through repurchase agreements and use the proceeds of the borrowings to acquire additional Agency RMBS.

---The Happy Trader

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