Mr Cooper Group Inc fka COOP

[b3]

When a public company creates new preferred stock and issues new shares, the company typically keeps the money raised from selling those shares. This process is a way for the company to raise capital, which can be used for various purposes such as expanding operations, paying off debt, or investing in new projects.

Issuing new shares can dilute the ownership percentage of existing shareholders, but it also brings in new funds that can help the company grow and potentially increase its overall value.