Teamshares sells $225 million of preferred stock to T. Rowe Price-advised accounts
Teamshares closed the sale of 225,000 shares of a new non-voting, non-convertible Series A Preferred Stock on September 23, 2026, at $990 per share, for an aggregate $222.75 million. The buyers are affiliates of a holder of more than 10% of the common stock, and the company says the proceeds are primarily intended to fund acquisitions. The preferred ranks ahead of common stock on dividends and liquidation, carries a 16.0% cash dividend rate, and includes covenants that restrict debt and require at least $150 million of unrestricted cash until the existing credit facility is refinanced or repaid.
Key points
- 225,000 Series A shares sold at $990 per share, or $222.75 million in aggregate, closed September 23, 2026
- Liquidation preference of $1,000 per share; cumulative dividends of 16.0% per year if paid in cash or 18.0% if paid in kind
- Ranks senior to common stock; non-voting and not convertible into common stock
- Company may sell up to $75 million more of the same series; must keep at least $150 million of unrestricted cash until the existing credit facility is refinanced or repaid
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.