Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 126

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 126
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burg Investment Agreement, the "Investment Agreements"), respectively, the Warburg Investors received warrants to purchase 15,853,659 shares of NVCE stock (the "Warburg Warrants"), and the Centerbridge Investor received warrants to purchase 3,048,780 shares of voting common stock (the “Centerbridge Warrants”), each with an initial exercise price of $15.375 per share, subject to customary anti-dilution adjustments provided for under the warrant agreements. The warrants carry a term of seven years but are subject to mandatory exercise when the market price of the voting common stock reaches or exceeds $24.60 for 20 or more trading days during any 30-consecutive trading day period. These warrants are being accounted for as equity. The exercise price of the Centerbridge Warrants will be adjusted downward, per the terms of their warrant agreement, and the conversion price of the Warburg Warrants will also be adjusted, per the terms of their warrant agreement and the NVCE Articles Supplementary, for cash distributions to stockholders of the Company’s voting common stock, including the Company’s quarterly cash dividend.Stock Repurchase ProgramOn March 17, 2025, we announced that our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. The repurchase authorization expires in March 2026. During the first quarter of 2025, common stock repurchased under the program totaled 2,684,823 shares at a weighted average price per share of $14.36, or $38.5 million in the aggregate. As of March 31, 2025, the Company had $111.5 million remaining under the current stock repurchase authorization.Subsequent to March 31, 2025 and through April 21, 2025, we repurchased an additional 8,809,814 shares of common stock at a weighted average price per share of $12.65, or $111.5 million in the aggregate. Since the announcement of the stock repurchase program on March 17, 2025 and through April 21, 2025, we have repurchased a total of 11,494,637 shares of common stock at a weighted average price per share of $13.05, or $150.0 million in the aggregate. On April 23, 2025, the Company announced an upsize of its stock repurchase program from $150.0 million to $300.0 million and expanded the program to cover both