NN, Inc. redeemed all Series D Preferred Stock, improving its balance sheet and capital flexibility after a recent PIPE placement.
Quiver AI Summary
NN, Inc. announced the successful redemption and elimination of all outstanding shares of its Series D Perpetual Preferred Stock, totaling 18,400 shares, for approximately $30.7 million. This redemption was financed through proceeds from a recent $53.1 million private equity placement. By completing this transaction, NN not only eliminated the preferred stock from its balance sheet but also took advantage of a $5 million incentive from the security's holder, reducing the total cost from $35.7 million to $30.7 million. President and CEO Harold Bevis stated that the company has significantly reduced its debt in 2026 and plans to use the freed capital to further its business strategies, including refinancing a term loan. Updated financial guidance will be provided in the upcoming earnings call on October 29, 2026.
Potential Positives
- NN, Inc. has successfully eliminated all of its outstanding Series D Perpetual Preferred Stock, improving its balance sheet by reducing financial obligations.
- The redemption of the Preferred Stock was accomplished at a $5.0 million discount due to an incentive agreement, representing cost-effectiveness in debt management.
- This transaction enhances the company’s capital flexibility, which CEO Harold Bevis indicates will be used to accelerate business plans and potentially refinance their Term Loan.
- NN's commitment to improving its capital structure aligns with its ongoing transformation strategy, suggesting a proactive approach to financial management and growth.
Potential Negatives
- The company raised funds through a private investment, suggesting it may be facing liquidity issues or operational challenges that necessitated this financing approach.
- The elimination of the Preferred Stock indicates a restructuring that may suggest previous financial instability or a need to improve leverage, which could raise concerns among investors.
- The forward-looking statements contain warnings about the risks and uncertainties in the company's operations, which could signal potential vulnerabilities in financial performance that might concern investors.
FAQ
What recent financial move did NN, Inc. complete?
NN, Inc. has redeemed all 18,400 shares of its Series D Perpetual Preferred Stock, costing approximately $30.7 million.
How was the redemption of preferred stock funded?
The redemption was funded by proceeds from a $53.1 million PIPE private placement completed on October 5, 2026.
What financial benefits resulted from this transaction?
This transaction eliminated a liability of $35.7 million from NN's balance sheet while saving the company $5 million from an incentive agreement.
What will NN, Inc. do next after this financial move?
NN plans to use the capital flexibility gained to accelerate business plans and intends to refinance its Term Loan appropriately.
When will NN provide updated financial guidance?
NN will provide updated guidance during its next earnings call scheduled for October 29, 2026.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NNBR Insider Trading Activity
$NNBR insiders have traded $NNBR stock on the open market 28 times in the past 6 months. Of those trades, 0 have been purchases and 28 have been sales.
Here’s a breakdown of recent trading of $NNBR stock by insiders over the last 6 months:
- PARTNERS MANAGEMENT, LLC CORRE has made 0 purchases and 18 sales selling 1,636,916 shares for an estimated $3,929,987.
- JOHN FREDERICK BARRETT has made 0 purchases and 9 sales selling 1,636,916 shares for an estimated $3,929,987.
- RAYMOND T. WHITE sold 18,782 shares for an estimated $45,298
To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.
$NNBR Revenue
$NNBR had revenues of $128.7M in Q2 2026. This is an increase of 19.29% from the same period in the prior year.
You can track NNBR financials on Quiver Quantitative's NNBR stock page.
You can access data on NNBR stock through the Quiver Quantitative API.
$NNBR Hedge Fund Activity
We have seen 51 institutional investors add shares of $NNBR stock to their portfolio, and 23 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CORRE PARTNERS MANAGEMENT, LLC removed 4,966,994 shares (-80.0%) from their portfolio in Q2 2026, for an estimated $17,831,508
- SG AMERICAS SECURITIES, LLC added 1,940,505 shares (+inf%) to their portfolio in Q2 2026, for an estimated $6,966,412
- TWO SIGMA INVESTMENTS, LP added 1,652,843 shares (+16204.3%) to their portfolio in Q2 2026, for an estimated $5,933,706
- RANGER INVESTMENT MANAGEMENT, L.P. added 568,235 shares (+inf%) to their portfolio in Q2 2026, for an estimated $2,039,963
- WALLEYE CAPITAL LLC added 546,652 shares (+inf%) to their portfolio in Q2 2026, for an estimated $1,962,480
- OAKTREE CAPITAL MANAGEMENT LP added 510,943 shares (+inf%) to their portfolio in Q2 2026, for an estimated $1,834,285
- OAKTREE FUND ADVISORS, LLC added 503,960 shares (+inf%) to their portfolio in Q2 2026, for an estimated $1,809,216
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
Full Release
CHARLOTTE, N.C., Oct. 08, 2026 (GLOBE NEWSWIRE) -- NN, Inc. (“NN” or the “Company”) (NASDAQ: NNBR), a global leader in precision manufacturing, today announced that it had completed an important balance sheet transaction.
The Company has redeemed, paid off and eliminated all of its remaining 18,400 outstanding shares of its Series D Perpetual Preferred Stock, par value $0.01 per share (the “Preferred Stock") for approximately $30.7 million.
The redemption was funded with proceeds raised from the Company's $53.1 million private investment in public equity (PIPE) private placement completed on October 5, 2026. Additionally, the timing of this action enabled the Company to take advantage of a $5.0 million incentive provided under a prior agreement with the sole holder of the security. Thus, the $35.7 million value of the security was redeemed for $30.7 million.
This security has now been eliminated from NN’s balance sheet. No shares of the Preferred Stock remain outstanding. All of the holder’s rights associated with the Preferred Stock have also been eliminated. This completes an important stepping stone in the transformation of NN, its capital structure, and its business plan.
Harold Bevis, President and CEO of NN, commented, “NN has significantly deleveraged during 2026. We will use this newly created capital flexibility to accelerate our business plans. We also intend to refinance our Term Loan at the right time and further improve our capital structure. The Company will provide updated guidance during our next earnings call on October 29 th , 2026."
About NN, Inc.
NN, Inc. (NASDAQ: NNBR) is an entrepreneurial manufacturing company specializing in manufacturing micron-tolerance precision metal componentry for high-growth end markets, especially Data Center, Electric Grid, Medical, Defense, and High-Value Vehicle systems. Founded in 1980, NN serves over 700 customers on 4 continents through its 2,700 person workforce operating out of 27 global plants. This footprint enables rapid innovation and globally scaled solutions. For more information, visit nninc.com.
Forward Looking Statements
This press release may contain forward-looking statements regarding our business, operations, and financial performance. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our most recently filed Form 10-K and our Form 10-Q for the period following that Form 10-K, including the risk factors described therein. We undertake no obligation to update any forward-looking statement, except as required by law. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
Investor Relations:
Joe Caminiti
[email protected]
312-445-2870
