Ellington Financial Inc. (NYSE: EFC) ("Ellington Financial" or the "Company") announced that it has priced an underwritten public offering of 4,200,000 shares of common stock at a price to the public of $18.20 per share. The Company has granted the underwriters an option for 30 days to purchase up to an additional 630,000 shares of common stock. The offering is subject to customary closing conditions and is expected to close on November 21, 2019. UBS Securities LLC, Credit Suisse Securities (USA) LLC, BofA Securities, and Keefe Bruyette & Woods, Inc. are acting as joint book-running managers for the offering. JMP Securities LLC, Nomura Securities International, Inc., Sandler O'Neill & Partners, L.P., and Wedbush Securities Inc. are acting as co-managers for the offering.
The Company expects to use the net proceeds of the offering to acquire its targeted assets. The Company may also use the net proceeds for working capital and general corporate purposes.