withdrawn entirely at the discretion of the issuing rating agency if in its judgment circumstances so warrant. Any such downward revision, placing on a watch list or withdrawal of a rating could have a material adverse effect on the market price of the shares. In addition, ratings do not reflect market prices or suitability of a security for a particular investor and any future rating of the Series A Preferred Shares may not reflect all risks related to the us and our business, or the structure or market price of the shares.
An active trading market may not develop for the shares, which could adversely affect the price of the shares in the secondary market and your ability to resell the shares.
Because the shares do not have a stated maturity date, investors seeking liquidity will need to rely on the secondary market. The shares are a new issue of securities and there is no established trading market for the shares. We intend to apply for listing of the shares on the NYSE under the symbol FTAI PR A. However, there is no guarantee that we will be able to list the shares and we are not required to maintain the listing of the shares. If the application is approved, we expect trading in the shares on the NYSE to begin within 30 days after the shares are first issued; however, we cannot make any assurance:
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as to the development of an active trading market;
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as to the liquidity of any trading market that may develop;
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as to the ability of holders to sell their shares;
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that the shares will continue to be listed on the NYSE or any other exchange; or
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as to the price at which the holders would be able to sell their shares.
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If a trading market were to develop, the future trading prices of the shares will depend on many factors, including those discussed under —The market price and trading volume of the shares may be volatile, which could result in rapid and substantial losses for holders of the shares.
If a trading market does develop, there is no assurance that it will continue. If an active public trading market for the shares does not develop or does not continue, the market price and liquidity of the shares is likely to be adversely affected and shares traded after their purchase may trade at a discount from their purchase price.
Holders of the shares will have limited voting rights.
Holders of the Series A Preferred Shares will generally have no voting rights, meaning that they generally do not have the voting rights given to holders of our common shares, except that holders of the Series A Preferred Shares will be entitled to certain limited voting rights described in Description of the Series A Preferred Shares—Voting Rights.
Redemption of the shares may adversely affect your return on the shares.
At any time or from time to time on or after September 15, 2024, we may, at our option, redeem the shares, in whole or in part, at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid distributions thereon, if any, to, but excluding, the date of redemption, whether or not declared. In addition, prior to September 15, 2024, we may, at our option, redeem the shares, in whole but not in part, after the occurrence of (i) a Rating Event, at a price of $25.50 per share, (ii) a Change of Control (as defined herein), at a price of $25.25 per share and (iii) a Tax Redemption Event (as defined herein), at a price of $25.25 per share, in each case plus an amount equal to all accumulated and unpaid distributions thereon, if any, to, but excluding, the date of redemption, whether or not declared. See Description of the Series A Preferred Shares—Redemption. If we redeem the shares, in whole or in part, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the distribution rate of the shares.
We are not required to redeem the shares, and we only expect to do so if it is in our best interest as determined by our board of directors in its sole discretion.
The shares are a perpetual equity security. This means that they have no maturity or mandatory redemption date and are not redeemable at the option of investors. The shares may be redeemed by us at our option on or after September 15, 2024, either in whole or in part. In addition, prior to September 15, 2024, after the occurrence of a Change of Control, a Rating Event or a Tax Redemption Event, we may, but are not required to, redeem the shares