It is seldom that we see a company reopen a preferred offering for 120,000 shares to be sold–but that is what Chicken Soup for the Soul Entertainment (NASDAQ:CSSE) is doing.
The company will sell 120,000 shares of their 9.75% Series A cumulative preferred with an additional 18,000 shares available for overallotment.
The original issue was sold on 6/27/2018 and was just 600,000 shares.
The little entertainment distribution company announced earnings yesterday. Revenue amounted to $6.6 million last quarter with net income of $836,000. They expect revenue of $36 million for the year. Earnings can be reviewed here.
The issue being reopened is trading under CSSEP and shares closed at $24.80 Thursday.
Needless to say this preferred issue is unrated and thus I view it as junk.