Form 8-K - Current report
October 03 2023 - 5:04PM
Edgar (US Regulatory)
0001786108
false
0001786108
2023-09-29
2023-09-29
0001786108
TRIN:CommonStockParValue0.001PerShareMember
2023-09-29
2023-09-29
0001786108
TRIN:Sec7NotesDue2025Member
2023-09-29
2023-09-29
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 29, 2023
TRINITY CAPITAL INC.
(Exact name of Registrant as Specified in Its Charter)
Maryland |
|
001-39958 |
|
35-2670395 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1 N. 1st Street
3rd Floor
Phoenix, Arizona |
|
85004 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including
Area Code: (480) 374-5350
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.
below):
| ☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
TRIN |
|
Nasdaq Global Select Market |
7% Notes due 2025 |
|
TRINL |
|
Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging
growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 8.01 – Other Events
On
September 29, 2023, Trinity Capital Inc. issued a press release announcing an adjustment to the conversion rate for its 6.00% Convertible
Notes due 2025. This press release is included as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01 – Financial Statements
and Exhibits
(d) Exhibits:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Trinity Capital Inc. |
|
|
October 3, 2023 |
By: |
/s/ Steven L. Brown |
|
|
Name: |
Steven L. Brown |
|
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
Trinity Capital Inc. Announces Adjustment to
Conversion Rate of its
6.00% Convertible Notes due 2025
PHOENIX, Sept. 29, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq:
TRIN) ("Trinity" or the "Company"), a leading provider of diversified financial solutions to growth stage companies,
today announced an adjustment to the conversion rate of its 6.00% Convertible Notes due 2025 (the "Convertible Notes") as a
result of the Company's cash dividend of $0.54 per share consisting of a regular dividend of $0.49 per share and a supplemental dividend
of $0.05 per share, payable on October 13, 2023 to stockholders of record as of September 30, 2023. The ex-dividend date for such dividends
was September 28, 2023.
Effective immediately after the close of business on September 29,
2023, the conversion rate of the Convertible Notes will be adjusted to 75.9145 shares of the Company's common stock per $1,000 principal
amount of Convertible Notes from the prior conversion rate of 74.6205 shares of the Company's common stock per $1,000 principal amount
of Convertible Notes, which had been in effect since July 1, 2023. As a result, effective as of such time, the conversion price applicable
to the Convertible Notes will be adjusted to $13.17 per share of common stock from $13.40 per share of common stock.
The adjustment to the conversion rate of the Convertible Notes is being
made pursuant to the second supplemental indenture, dated as of December 11, 2020, governing the Convertible Notes as a result of the
Company's regular quarterly cash dividend discussed above exceeding the initial dividend threshold of $0.30 per share of common stock
set forth in the second supplemental indenture and the Company paying a supplemental cash dividend.
Notice of the conversion rate adjustment will be delivered to the holders
of the Convertible Notes and U.S. Bank National Association, as trustee, in accordance with the terms of the second supplemental indenture
governing the Convertible Notes.
Certain Information Regarding Distributions
The Company's objective is to distribute four quarterly distributions
in an amount that approximates 90% to 100% of its taxable quarterly income or potential annual income for a particular year in order to
qualify for tax treatment as a regulated investment company under the Internal Revenue Code of 1986. In addition, during any particular
year, the Company may pay additional supplemental distributions, so that the Company distributes approximately all its annual taxable
income in the year it was earned, or it may spill over the excess taxable income into the coming year for future distribution payments.
Distributions are paid from taxable earnings and may include a return
of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV
after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included
in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a
number of risks and uncertainties, including the impact of the COVID-19 pandemic on the economy, financial markets, our business, our
portfolio companies and our industry. Actual results may differ materially from those in the forward-looking statements as a result of
a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Trinity undertakes
no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
About Trinity Capital Inc.
Trinity (Nasdaq: TRIN), an internally managed business development
company, is a leading provider of diversified financial solutions to growth stage companies with institutional equity investors. Trinity's
investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans,
equipment financings and equity-related investments. Trinity believes it is one of only a select group of specialty lenders that has the
depth of knowledge, experience, and track record in lending to growth stage companies. For more information, please visit the Company's
website at www.trinitycap.com.
Contact
Ben Malcolmson
Director of Investor Relations
Trinity Capital, Inc.
ir@trincapinvestment.com
v3.23.3
Cover
|
Sep. 29, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Sep. 29, 2023
|
Entity File Number |
001-39958
|
Entity Registrant Name |
TRINITY CAPITAL INC.
|
Entity Central Index Key |
0001786108
|
Entity Tax Identification Number |
35-2670395
|
Entity Incorporation, State or Country Code |
MD
|
Entity Address, Address Line One |
1 N. 1st Street
|
Entity Address, Address Line Two |
3rd Floor
|
Entity Address, City or Town |
Phoenix
|
Entity Address, State or Province |
AZ
|
Entity Address, Postal Zip Code |
85004
|
City Area Code |
480
|
Local Phone Number |
374-5350
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock, par value $0.001 per share |
|
Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
Trading Symbol |
TRIN
|
Security Exchange Name |
NASDAQ
|
7% Notes due 2025 |
|
Title of 12(b) Security |
7% Notes due 2025
|
Trading Symbol |
TRINL
|
Security Exchange Name |
NASDAQ
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=TRIN_CommonStockParValue0.001PerShareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=TRIN_Sec7NotesDue2025Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Trinity Capital (NASDAQ:TRIN)
Historical Stock Chart
From May 2024 to Jun 2024
Trinity Capital (NASDAQ:TRIN)
Historical Stock Chart
From Jun 2023 to Jun 2024