Mitesco halts Series A preferred redemptions, seeks new structure by Sept. 30
MITI•Series A preferred redemptions halted
Mitesco halted all redemptions of its Series A Preferred stock, ending the quarterly common-share issuance tied to the instrument.
The preferred was issued in a debt restructuring tied to a prior healthcare business discontinued in FY2022.
The structure slowed repayments due to a 4.9% ownership cap, while predictable quarter-end issuance was seen as pressuring retail holders.
Company seeks revised terms from preferred holders
Management will solicit input from the five Series A Preferred holders to reset terms by Sept. 30, 2026.
The change is intended to remove an overhang cited as a barrier to new funding for the company’s software and data center strategy.
