Axos Financial, Inc. announced that it has entered into an Equity Distribution Agreement with Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc., allowing the company to issue and sell up to $150 million in common stock through "at-the-market" offerings. Sales will be conducted on the New York Stock Exchange or through negotiated transactions at prevailing market prices. The company will determine the maximum dollar amount of shares to be sold, the pricing floor, and sales limitations, with the designated agent using commercially reasonable efforts to execute the transactions. Axos will pay a commission of 2.5% on gross proceeds to the distribution agents and has agreed to provide customary indemnification rights.
The offering will remain active until all authorized shares are sold or until terminated by Axos or its agents. Either distribution agent may also withdraw from the agreement at any time. The full details of the agreement, along with legal opinions and supporting documents, have been filed as exhibits to the company's Form 8-K. The filing was signed by Derrick K. Walsh, Executive Vice President and Chief Financial Officer, on January 28, 2025.
