Armour Residential REIT, Inc. (NYSE:ARR) Expands Equity Sales Agreement by 25 Million Shares
In a strategic move to enhance its capital structure, Armour Residential REIT, Inc. (NYSE:ARR) has announced an amendment to its equity sales agreement, increasing the available shares of common stock for sale by 25 million. This amendment, known as the Third Common Stock Sales Agreement Amendment, was made with various sales agents, including BUCKLER Securities LLC and B. Riley Securities, Inc.
The additional shares will be offered through an "at the market offering" (ATM) program, as detailed in a prospectus supplement filed with the SEC. In addition, Armour Residential REIT has filed Articles of Amendment with the State of Maryland to increase the authorized shares of common stock from 90 million to 125 million.
This move allows Armour Residential REIT to sell shares through its sales agents, providing flexibility in accessing capital markets. The funds raised from this offering are expected to be used for general corporate purposes, such as investing in mortgage-backed securities, repaying debt, or other investments.
Overall, this expansion in available shares demonstrates Armour Residential REIT's commitment to managing its capital structure effectively and seizing opportunities in the market. Investors should keep an eye on how this development may impact the company's financial performance and future growth prospects.
In conclusion, by increasing its available shares for sale, Armour Residential REIT aims to strengthen its financial position and capitalize on potential investment opportunities. Stay tuned for further updates on this development and its implications for investors.