ATLCZ

Atlanticus Holdings Depositary Shares Series Z represent another distinct series of preferred stock within Atlanticus Holdings capital structure, featuring unique economic terms, preferences, and investor rights differentiating Series Z from other outstanding preferred series including Series L and Series P. Each preferred series within complex capital structures typically addresses specific financing objectives and investor requirements existing when issuances occurred, with Series Z potentially created during particular fundraising needs, debt refinancing transactions, or strategic recapitalizations requiring customized securities meeting investor demands for specific yield levels, maturity profiles, or conversion features. Series Z preferred shareholders receive dividend payments at stated rates potentially varying from other series based on market conditions prevailing during issuance, with dividends typically paid quarterly from available earnings unless financial covenants restrict distributions or board discretion suspends payments during liquidity constraints. Preferred stock structures provide Atlanticus with permanent capital strengthening balance sheet positions without creating mandatory repayment obligations characteristic of debt securities, while offering investors yields exceeding common stock dividends compensating for subordination risks and limited appreciation potential. The multiple preferred series outstanding (L, P, Z) suggest Atlanticus accessed capital markets repeatedly raising equity-like funding through preferred issuances rather than diluting common shareholders through direct equity offerings or increasing leverage through senior debt. Series Z specific terms including redemption provisions potentially allowing Atlanticus to repurchase shares at premium prices after specified holding periods, conversion ratios enabling exchanges into common stock if trading prices reach predetermined thresholds, and voting rights possibly granting preferred holders board representation or veto powers over significant corporate actions depend on certificate of designation language governing this particular series. Investors must carefully review Series Z governing documents understanding exact economic claims, priority rankings relative to other securities, and circumstances triggering redemptions, conversions, or other material events affecting ownership interests and investment returns.