Medallion Buys Back $15M TruPS at 73.66% of Face, Ends ZimCal Fight
MFIN sits 43% above its 52-week low of $7.85.
Summary
Medallion agreed to repurchase $15.0 million liquidation amount of trust preferred securities from BIMIZCI at 73.66% of face value, paying $11.049 million plus accrued distributions. The deal also ends the ZimCal activist situation: the investor parties accept a five-year standstill barring proxy fights and must sell any remaining Medallion common stock by December 31, 2026. Medallion will book a gain in Q4 2026 equal to the roughly $3.95 million discount between carrying value and purchase cost, and the company says the deal is immediately accretive to common holders. This follows the September Medallion Bank preferred reopenings and the Q2 print showing record assets above $3 billion, reinforcing the shift away from taxi-medallion exposure, now just 0.1% of total assets. Closing is expected within thirty days, subject to customary conditions.
At the time of this announcement, MFIN was trading at $11.19 on NASDAQ in the Finance sector, with a market capitalization of approximately $256.9M. The 52-week trading range was $7.85 to $12.26. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.