NN, Inc. (NASDAQ: NNBR) has completed the redemption of all outstanding shares of its Series D Perpetual Preferred Stock. The transaction, finalized on October 7, 2026, involved the purchase and cancellation of the remaining 18,400 shares of preferred stock.
The redemption was executed at an aggregate cash price of approximately $30.7 million. This figure reflects a $5.0 million reduction from the security's original value of $35.7 million, which the company utilized to take advantage of an incentive provided under an Exchange Agreement with the sole holder, NHTV Nevada Holdings LP.
Funding for the transaction was provided by a $53.1 million private investment in public equity (PIPE) private placement completed on October 5, 2026. Following the payment, the preferred stock has been fully eliminated from the company’s balance sheet, and all associated rights held by the holder, including those under a Board Observer Agreement, have ended.
Harold Bevis, President and CEO of NN, Inc., stated that the elimination of the preferred stock represents a significant step in the company’s deleveraging efforts for 2026. The company intends to use the newly created capital flexibility to accelerate its business plans and plans to refinance its Term Loan at an appropriate time. Updated guidance is scheduled to be provided during the company’s next earnings call on October 29, 2026.
