Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 30

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 30
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 the shares of the relevant series of our Preferred Stock remain outstanding or are exchanged into shares of the surviving or resulting entity in the case of a merger or consolidation, or such shares of the relevant series remain outstanding and the preferences, rights and powers are not materially less favorable to the holders.

Additionally, holders of our Series A Preferred, Series B Preferred, Series C Preferred, Series D Preferred, and Series E Preferred are entitled to vote with respect to the election of two directors if dividends for such series of preferred stock have not been declared and paid for at least six or more quarterly dividend periods (as defined in our articles or the designation of the relevant series of our preferred stock), voting as a class with holders of shares of any other series of preferred stock ranking equally as to the payment of dividends and having equivalent voting rights.

#### Liquidation Rights.
In the event of our liquidation, dissolution or winding up, whether voluntary or involuntary, and before any payment or distribution of our assets (whether capital or surplus) may be made to holders of securities ranking junior to the Preferred Stock, holders of our Series B Preferred, Series C Preferred, Series D Preferred, and Series E Preferred are entitled to receive $1,000 per share of Series B Preferred, Series C Preferred, Series D Preferred, and Series E Preferred, and holders of our Series A Preferred are entitled to receive $25 per share of Series A Preferred, plus any unpaid dividends on the Series A Preferred, Series B Preferred, Series C Preferred, Series D Preferred, and Series E Preferred whether or not declared.

#### Conversion Rights.
Holders of our Preferred Stock do not have conversion rights.

#### Preemptive Rights.
Holders of our Preferred Stock do not have any preemptive rights.

#### Redemption.
We have no obligation to redeem shares of our Preferred Stock. Commencing in April 2026 for our Series C Preferred Stock, October 2027 for our Series D Preferred Stock, and January 2030 for our Series E Preferred Stock we may redeem in whole or in part, at our option, shares of that series of preferred stock, subject to the approval of the appropriate federal banking agency, at the applicable liquidation preference plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the date of redemption.

#### Stock Exchange Listing.
Our Series C Preferred, Series D Preferred, and Series E Preferred are listed on the Nasdaq Capital Market under the symbols “MBINN,” “MBINM,” and “MBINL,” respectively.

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