FG Nexus Buys Back 46% of Shares, Including Preferred Stock

FG Nexus (NASDAQ: FGNX, FGNXP), a Charlotte, North Carolina-based merchant bank and real estate-focused operating company, has completed a significant share repurchase program, acquiring approximately 4.0 million common shares—equivalent to about 46% of its outstanding shares as of Sunday’s close. The transaction, totaling roughly $48 million, also included the purchase of around 275,000 preferred shares, representing about 31% of the company’s outstanding preferred stock at the same point in time. Combined, these repurchases accounted for roughly $55 million in total outlay, including commissions. As a result, FG Nexus now holds fewer than 5 million common shares outstanding, down from 9.7 million before the program began, while preferred shares outstanding have fallen to around 619,357 from 1.9 million pre-purchase.