OTRKP - Ontrak initiates public offering of its non-convertible preferred stock

Ontrak ([[OTRK]] +3.3%) starts an underwritten public offering of its Series A Cumulative Perpetual Preferred Shares (OTRKP) with a liquidation preference of $25/share.Underwriters' overallotment option is to purchase up to an additional 15% of the shares initially sold.The company intends to use a portion of the net proceeds to fund a segregated dividend account for the payment of dividends on the Series A Preferred Stock through August 2022 and to use the remaining net proceeds for general corporate purposes, including M&A and investment in technology. "I made a mistake by recommending Ontrak. Even though the stock is up since I first recommended it I don't care about the past. I care about the future. And this is a ticking time bomb," writes Michael Wiggins De Oliveira on Seeking Alpha.

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Ontrak initiates public offering of its non-convertible preferred stock