Newtek Business Boosts Capital with Stock Exchange
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Newtek Business (NEWT) announced a capital boost through a Securities Purchase and Exchange Agreement with Patriot Financial Partners, exchanging 20,000 shares of Series A Convertible Preferred Stock and $10 million for 2,307,692 shares of common stock. This private placement is expected to enhance its capital structure by $30 million in common equity tier one capital. Analysts rate NEWT stock as Hold with a $12.50 price target, reflecting financial challenges but also an attractive valuation. NewtekOne offers various financial solutions to independent business owners in the U.S.
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