4//SEC Filing
PACIFIC INVESTMENT MANAGEMENT CO LLC 4
Accession 0000899243-21-039844
CIK 0001692376other
Filed
Oct 11, 8:00 PM ET
Accepted
Oct 12, 2:59 PM ET
Size
12.6 KB
Accession
0000899243-21-039844
Insider Transaction Report
Form 4
LVS III Holding LP
Director10% Owner
Transactions
- Conversion
Common Stock
2021-10-08$3.85/sh+6,493,506$24,999,998→ 10,963,806 total - Conversion
Series A Convertible Preferred Stock
2021-10-08−25,000→ 0 totalExercise: $3.85→ Common Stock (6,493,506 underlying)
TOBI III SPE I LLC
Director10% Owner
Transactions
- Conversion
Series A Convertible Preferred Stock
2021-10-08−25,000→ 0 totalExercise: $3.85→ Common Stock (6,493,506 underlying) - Conversion
Common Stock
2021-10-08$3.85/sh+6,493,506$24,999,998→ 10,963,806 total
PACIFIC INVESTMENT MANAGEMENT CO LLC
Director10% Owner
Transactions
- Conversion
Common Stock
2021-10-08$3.85/sh+6,493,506$24,999,998→ 10,963,806 total - Conversion
Series A Convertible Preferred Stock
2021-10-08−25,000→ 0 totalExercise: $3.85→ Common Stock (6,493,506 underlying)
Footnotes (3)
- [F1]TOBI III SPE I LLC, a Delaware limited liability company ("TOBI"), is the direct holder of the Issuer's securities. TOBI was formed solely for the purpose of investing in the Issuer. LVS III Holding LP, a Delaware limited partnership ("LVS"), is the sole member of TOBI and operates as a pooled investment fund and invests (among other things) in operating companies. PIMCO GP XVII, LLC, a Delaware limited liability company ("PIMCO GP"), is the sole general partner of LVS. Pacific Investment Management Company LLC is the sole managing member of PIMCO GP, retains a pecuniary interest therein, and has the power to make voting and investment decisions regarding the securities of the Issuer held by TOBI. The signatory below executes this Form 4 on behalf of each Reporting Person as an Executive Vice President of PIMCO.
- [F2]The Series A Preferred Stock was not convertible until Velocity Financial, Inc. (the "Issuer") obtained stockholder approval, which was obtained on August 13, 2020, following which the Series A Preferred Stock became convertible into shares of Common Stock, at the option of TOBI (or a permitted transferee) at an initial conversion price of $3.85 per share of Common Stock, equivalent to an initial conversion rate of 259.74, subject to customary anti-dilution adjustments. In addition, the Series A Preferred Stock was subject to conversion at the option of the Issuer after October 7, 2021 in accordance with the terms thereof. On October 8, 2021, the Issuer exercised its option to mandatorily convert all shares of Series A Preferred Stock then outstanding.
- [F3]The Series A Preferred Stock has no expiration date.
Documents
Issuer
Velocity Financial, Inc.
CIK 0001692376
Entity typeother
IncorporatedDE
Related Parties
1- filerCIK 0001163368
Filing Metadata
- Form type
- 4
- Filed
- Oct 11, 8:00 PM ET
- Accepted
- Oct 12, 2:59 PM ET
- Size
- 12.6 KB