Mobile Infrastructure Corp, a Maryland-based real estate company with a market capitalization of $151.48 million, has announced the declaration of monthly dividends for its preferred stockholders. On Monday, the company's board of directors authorized the payment of dividends on its Series A Preferred Stock at a rate of $4.791 per share and on its Series 1 Preferred Stock at a rate of $4.583 per share. The dividends are scheduled for distribution on or about January 13, 2025.
The record dates for the dividends are set for December 29, 2024, for Series A Preferred Stock and December 24, 2024, for Series 1 Preferred Stock. The decision to declare dividends was made by the board based on the company's financial position and other relevant considerations, with the understanding that future dividends will be contingent on the board's ongoing evaluation of these factors.
According to InvestingPro data, the company's current ratio stands at 0.17, indicating potential liquidity challenges, while maintaining an impressive gross profit margin of 63.23%.
The announcement was made in a Form 8-K filing with the Securities and Exchange Commission on December 23, 2024. Mobile Infrastructure Corp, previously known as Fifth Wall Acquisition Corp. III, operates under the Real Estate & Construction sector and is listed on the NYSE American LLC under the ticker symbol BEEP.
The company's management emphasized that the declaration and payment of any future dividends would remain at the discretion of the board and would be influenced by the company's financial health, compliance with applicable laws, and other pertinent considerations as deemed appropriate by the board.
This news is based on a press release statement and reflects the latest corporate actions taken by Mobile Infrastructure Corp concerning shareholder returns. The company has not provided guidance on expected future dividend declarations or any changes to its dividend policy.
In other recent news, Mobile Infrastructure Corporation has announced the approval of monthly dividends for its Series A and Series 1 Preferred Stock. Holders of the Series A Preferred Stock are set to receive $4.791 per share, while Series 1 Preferred Stock shareholders will receive $4.583 per share. The company's board has emphasized that future dividends will be contingent on the company's financial health and other relevant factors.
In another significant development, Mobile Infrastructure Corporation has secured a $40.4 million credit line from Harvest Small Cap Partners, L.P. and Harvest Small Cap Partners Master, Ltd. This funding aims to provide flexibility for future preferred stock redemptions in cash, cover all accrued dividends on preferred stock, and initiate a common stock repurchase plan.
The company's Board of Directors has authorized a $10 million share buyback program. Jeff Osher, Co-Chairman of the Board, and President Stephanie Hogue have expressed commitment to increasing shareholder value. The credit line will bear an interest rate of 15.0% per annum, payable at maturity or upon any principal repayment.
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