{"id":478079,"date":"2021-04-19T09:03:33","date_gmt":"2021-04-19T13:03:33","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rimini-street-completes-buyback-of-60-million-face-value-series-a-preferred-stock\/"},"modified":"2021-04-19T09:03:33","modified_gmt":"2021-04-19T13:03:33","slug":"rimini-street-completes-buyback-of-60-million-face-value-series-a-preferred-stock","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rimini-street-completes-buyback-of-60-million-face-value-series-a-preferred-stock\/","title":{"rendered":"Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock"},"content":{"rendered":"

<\/p>\n

Rimini Street Completes Buyback of $60 Million Face Value <\/b>Series A Preferred Stock<\/b><\/p>\n

LAS VEGAS–(BUSINESS WIRE<\/a>)–
\nRimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third party support provider for Oracle and SAP software products and a Salesforce partner, today announced that it has completed, pursuant to early redemption rights, the buyback of 60,000 shares of Series A Preferred Stock with a face value of $60 million for total cash payable of $62.3 million, which includes $2.3 million of make-whole dividend. Source of funds for the buyback are Company cash, and the notice<\/a> of this stock buyback was previously announced on March 16, 2021.\n<\/p>\n

\nThe remaining Series A Preferred Stock liquidation value is approximately $88 million. Rimini Street has the option to call it, in full or in part, with no make-whole or premium starting July 19, 2021, or it may be converted into common stock at any time by the holders. Any remaining shares of the Series A Preferred Stock will become redeemable at the election of a majority of the Series A Preferred Stockholders beginning July 19, 2023.\n<\/p>\n

\nThis transaction is the latest in a series of Preferred Stock buybacks that have reduced the total Series A Preferred obligation by approximately 46% in the past six months.\n<\/p>\n

\n\u201cOur recent capital market actions have allowed us to methodically strengthen our balance sheet and move us in the direction of a net cash position with a low leverage ratio. We continue to look for additional opportunities to lower our cost of capital and optimize our capital structure for the benefit of our shareholders,\u201d stated Michael L. Perica<\/a>, chief financial officer, Rimini Street.\n<\/p>\n

\nWe plan to discuss the stock buyback transaction in more detail during our first quarter 2021 earnings conference call scheduled for May 5, 2021, and in our SEC Form 10-Q. Please visit our investor relations website for more information https:\/\/investors.riministreet.com\/<\/a>.\n<\/p>\n

About Rimini Street, Inc.<\/b><\/p>\n

\nRimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,000 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http:\/\/www.riministreet.com<\/a>, follow @riministreet<\/a> on Twitter and find Rimini Street on Facebook<\/a> and LinkedIn<\/a>. (IR-RMNI)<\/b><\/p>\n

Forward-Looking Statements<\/b><\/p>\n

\nCertain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as \u201cmay,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cseem,\u201d \u201cseek,\u201d \u201ccontinue,\u201d \u201cfuture,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201coutlook\u201d or other similar words, phrases or expressions. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street\u2019s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the actions of the holders of the Series A Preferred Stock and the terms and impact of Rimini Street\u2019s remaining outstanding 13.00% Series A Preferred Stock; the duration of and economic, operational and financial impacts on Rimini Street\u2019s business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt Rimini Street\u2019s business or that of its current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; Rimini Street\u2019s need and ability to raise additional equity or debt financing on favorable terms and Rimini Street\u2019s ability to generate cash flows from operations to help fund increased investment in Rimini Street\u2019s growth initiatives; the sufficiency of Rimini Street\u2019s cash and cash equivalents to meet its liquidity requirements; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; customer adoption of Rimini Street\u2019s recently introduced products and services, including its Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services Rimini Street expects to introduce in the near future; the loss of one or more members of Rimini Street\u2019s management team; uncertainty as to the long-term value of Rimini Street\u2019s equity securities; and those risks discussed under the heading \u201cRisk Factors\u201d in Rimini Street\u2019s Annual Report on Form 10-K filed on March 3, 2021 and as updated from time to time by other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street\u2019s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street\u2019s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street\u2019s assessments as of any date subsequent to the date of this communication.\n<\/p>\n

\n\u00a92021 Rimini Street, Inc. All rights reserved. \u201cRimini Street\u201d is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210419005164\/en\/<\/a><\/span><\/p>\n

Investor Relations Contact
\n<\/span><\/b>
Dean Pohl
\n
Rimini Street, Inc.
\n
+1 925 523-7636
\n
dpohl@riministreet.com<\/a><\/p>\n

Media Relations Contact
\n<\/span><\/b>
Michelle McGlocklin
\n
Rimini Street, Inc.
\n
+1 925 523-8414
\n
mmcglocklin@riministreet.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Nevada<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Marketing Communications Technology Software Consulting Accounting<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock LAS VEGAS–(BUSINESS WIRE)– Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third party support provider for Oracle and SAP software products and a Salesforce partner, today announced that it has completed, pursuant to early redemption rights, the buyback of 60,000 shares of Series A Preferred Stock with a face value of $60 million for total cash payable of $62.3 million, which includes $2.3 million of make-whole dividend. Source of funds for the buyback are Company cash, and the notice of this stock buyback was previously announced on March 16, 2021. The remaining Series A Preferred Stock liquidation value is … <\/p>\n

Continue reading “Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-478079","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rimini-street-completes-buyback-of-60-million-face-value-series-a-preferred-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Rimini Street Completes Buyback of $60 Million Face Value Series A Preferred Stock LAS VEGAS–(BUSINESS WIRE)– Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third party support provider for Oracle and SAP software products and a Salesforce partner, today announced that it has completed, pursuant to early redemption rights, the buyback of 60,000 shares of Series A Preferred Stock with a face value of $60 million for total cash payable of $62.3 million, which includes $2.3 million of make-whole dividend. Source of funds for the buyback are Company cash, and the notice of this stock buyback was previously announced on March 16, 2021. 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