NN, Inc. (NASDAQ: NNBR) has completed the redemption of all 18,400 outstanding shares of its Series D Perpetual Preferred Stock, par value $0.01 per share. The transaction, finalized on October 7, 2026, involved a cash payment of approximately $30.7 million to the sole holder of the security.
The redemption was fully funded by proceeds from a $53.1 million private investment in public equity (PIPE) private placement completed by the company on October 5, 2026. Additionally, the timing of the transaction allowed NN, Inc. to take advantage of a $5.0 million incentive reduction provided under a prior agreement with the Holder.
Under the terms of the Certificate of Designation, the aggregate Redemption Price was approximately $35.7 million. The reduction of $5.0 million resulted in the final payment of $30.7 million. The filing states that the Holder's rights under a Board Observer Agreement, dated March 22, 2021, also ended immediately upon the completion of the Final Redemption.
Following the transaction, no shares of the Series D Preferred Stock remain outstanding, and the security has been completely eliminated from the company's balance sheet. NN, Inc. noted that this action is a significant step in the transformation of its capital structure.
Harold Bevis, President and CEO of NN, Inc., stated that the company has significantly deleveraged during 2026 and intends to use the newly created capital flexibility to accelerate its business plans. The company plans to provide updated guidance during its next earnings call on October 29, 2026.
