- Douglas Elliman (NYSE:DOUG) announced the closing of a $50M growth investment from Kennedy Lewis Investment Management LLC, a credit-focused alternative asset management firm.
- DOUG issued $50M senior secured convertible notes due July 2, 2029 to funds advised by Kennedy Lewis.
- As part of the agreement, Kennedy Lewis will have the right to nominate one director to Douglas Elliman’s board.
- The company also announced that preliminary gross transaction value for Q2 is expected to be in the range of $10.25B to $11.25B.
- Douglas Elliman maintains a strong balance sheet with cash and cash equivalents of approximately $92.0 million at June 30, 2024, up from $91.5 million at March 31, 2024, and after the $7.75 million settlement payment in the second quarter to resolve certain brokerage commission litigation.
- In connection with the investment, David K. Chene and Patrick J. Bartels Jr. will join the Board of Directors.
- Source: Press Release
2024-07-02