Hard money lender Sachem Capital (SACH) has priced the previously announced preferred stock issue.
The issue prices at 7.75% and is cumulative, but non qualified (SACH is a REIT). Egan Jones rates this issue BBB
It is noted that the underwriting discount is higher than the normal 3.15% at 4%.
The OTC grey market ticker has not yet been assigned–I will post the ticker when it is know – probably in the next few hours.
The pricing term sheet can be found here.
Temp ticker is SCMCV.
At ETrade, not yet set up to trade.
https://otce.finra.org/otce/dailyList?viewType=Additions
06/24/2021 09:45:33
06/24/2021 00:00:00
SCMCV
Sachem Capital Corp Redeemable Series A Preferred Stock
I don’t see it anywhere…Fidelity, TDA, Webull or Schwab.
The CUSIPs are set up at Schwab and Fidelity but no action yet.
schwab is apparently not set up. I am on the phone with them trying to get it actually set up.
still can’t trade at schwab, even on the bond desk.
It is now hours later. spent an hour on the phone, and still waiting for yet another call back – stellar customer service from Schwab.
It took them most of the first hour to figure out that it is OTC with the temp symbol, even after I started the conversation with that (and gave them the CUSIP) …
Put the symbol in the search box at the upper left hand corner of the summary page. Click on the magnifying glass or hit enter then hit the blue colored trade button without trying to bring up a quote. Good luck.
I was able to buy SCMCV this morning at Schwab.
I have now been able to trade for most of an hour on Schwab.
When I posted my first and second comment, even the broker at schwab couldn’t trade it.
I had tried the “search box” work around, and it would let me set up an order, but wouldn’t let it be placed because it was an unknown symbol.