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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2021
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE 6  — STOCKHOLDERS’ EQUITY

During the quarter ended September 30, 2021, the Company raised $172.5 million of capital through the issuance of 2.3 million shares of its common stock at a price of $75 per share, resulting in net proceeds of $162.7 million. The offering increased the Company’s shares of common stock outstanding from 8.3 million shares to 10.6 million shares.

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At September 30, 2021, the Company also has outstanding 272,636 shares of its Series F, Class B non-voting preferred stock, par value, $0.01 per share. The stock is subordinate and junior to all indebtedness of the Company and to all other series of preferred stock of the Company. The holder of the Series F, Class B preferred stock is entitled to receive ratable dividends only if and when dividends are concurrently declared and payable on the shares of common shares. In connection with the issuance of additional shares of common stock of the Company, the holder of the Series F, Class B Preferred Stock has the right to exchange shares of Series F, Class B preferred stock for shares of the Company’s common stock to allow it to maintain the percent ownership of the outstanding common stock of the Company it owned immediately prior to the issuance of the additional shares of common stock by the Company.

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