05:53 PM EDT, 07/02/2024 (MT Newswires) -- First Foundation ( FFWM ) said Tuesday affiliates of Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, North Reef Capital are investing up to $228 million.

Fortress affiliates will invest $115 million, Canyon Partners $46 million, Strategic Value Bank Partners $22 million, and North Reef Capital $22 million, with other investors contributing the remainder, First Foundation ( FFWM ) added.

The transactions include the sale of about 11.3 million shares at $4.10 per share, 29,811 series A noncumulative convertible preferred stock, and 14,490 series B noncumulative convertible preferred stock, according to First Foundation ( FFWM ).

Investors will also receive seven-year warrants for Series C preferred stock at an exercise price of $5.125 per share.

First Foundation ( FFWM ) said it will add four new directors after closing of the investments and Fortress holds the right to appoint one more board member.

First Foundation ( FFWM ) expects to close the transaction on or around Monday.

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