Altisource asset management corporation announces settlement with series a preferred stockholders

Christiansted, u.s. virgin islands, jan. 07, 2022 (globe newswire) -- altisource asset management corporation (“aamc” or the “company”) (nyse american: aamc) today announced that it had entered into a settlement agreement (the “settlement agreement”) with two institutional investors related to the company's series a convertible preferred stock (the “series a shares”). under the settlement agreement, the company has agreed to pay the institutional investors approximately $665 thousand in cash in exchange for $5.79 million of liquidation preference of the company's series a shares (11.5 cents per dollar liquidation amount of the series a shares). as a result of this settlement, the company estimates that it will recognize a gain of approximately $5.1 million to additional paid in capital in the first quarter of 2022. the resulting outstanding remaining liquidation preference of series a shares will be approximately $144.2 million, which represents the entire luxor funds position
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