Banking, finance, and taxes
E*TRADE Files To Raise Cash (ETFC)
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E*TRADE Financial Corporation (NASDAQ: ETFC) has filed an automatic mixed securities shelf registration with the SEC to raise cash via the sale of securities. There were no financial terms nor any size indications given in the filing, but it has listed that it can or will be able to sell any combination of common stock, preferred stock, debt securities, depositary shares, rights, warrants, purchase contracts, and units.
The classification of this filing is a "Large Accelerated Filer"status. Again, no size was mentioned but the company noted that itsauthorized capital stock consists of 1,200,000,000 shares of commonstock and 1,000,000 shares of preferred stock with its currentoutstanding shares as 563,523,086 common shares.
The company listed its use of proceeds as for working capital andgeneral corporate purposes, including funding operations and financingcapital expenditures.
No underwriters are mentioned in the filing, although that is normal for automatic shelf registrations.
Shares closed at $1.31 yesterday, and its 52-week trading range is $0.79 to $5.48.
Jon C. Ogg
January 6, 2009
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