loanDepot, Inc. (NYSE:LDI) entered into an at-the-market (ATM) sales agreement with BTIG, LLC.
The agreement allows loanDepot to sell up to $100 million of its Class A common stock.
The company's shares trade at $1.25, down ~40% year-to-date, with total debt at $6.5 billion.
Net proceeds will be used to reduce debt and for general corporate purposes.
Bond.az analysis suggests the stock appears undervalued based on fair value calculations.
However, the company is quickly burning cash, with levered free cash flow at negative $735 million over the last twelve months.
loanDepot's stock is listed on the NYSE under the ticker NYSE:LDI.
In other recent news, loanDepot reported a Q1 net loss, missing EPS expectations significantly.
