On March 23, 2020 Fortress Biotech, Inc. (Nasdaq: FBIO) ("Fortress" or "the Company"), an innovative biopharmaceutical company focused on acquiring, developing and commercializing high-potential marketed pharmaceutical products and development-stage pharmaceutical product candidates, reported that its Board of Directors authorized the repurchase of up to $5 million of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: FBIOP) (the "Preferred Stock") (Press release, Fortress Biotech, MAR 23, 2020, View Source [SID1234555753]).
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Fortress appointed ThinkEquity, a division of Fordham Financial Management, Inc. to purchase the stock on behalf of the Company in conformity with the provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. ThinkEquity may commence purchasing the shares of the Preferred Stock beginning on March 23, 2020 until the earlier of the close of trading on May 31, 2020 or the date that the aggregate purchases reach a total of $5 million. The repurchase program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time.
The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company plans to fund repurchases from its existing cash balance.