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Common and Preferred Stock
3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Common and Preferred Stock

NOTE 10. COMMON AND PREFERRED STOCK

Common Stock

As of March 31, 2025, the Company had 55,000,000 shares of Common Stock authorized and 2,140,119 shares issued and 2,129,239 shares outstanding. There were no dividends declared or paid on the common stock during the three months ended March 31, 2025 and 2024.

Preferred Stock

As of March 31, 2025, the Company had 5,000,000 shares of Preferred Stock authorized and 2,811,535 shares issued and outstanding.

Series A Preferred Stock

As of March 31, 2025, the Company had 559,263 shares of Series A Preferred Stock issued and outstanding. There were

no dividends declared or paid on the Series A Preferred Stock for the three months ended March 31, 2025 and 2024.

 

Series B Preferred Stock

 

On January 29, 2025, the board of directors of Regional declared a dividend to the holders of its 12.5% Series B Cumulative Redeemable Preferred Shares (the “Series B Preferred Stock”), on a pro rata basis in proportion to the number of shares of Series B Preferred Stock held by such holders of 250,000 shares of the Company’s common stock, rounded down to the nearest whole share of Common Stock. The dividend was paid on February 19, 2025 to holders of record of the Series B Preferred Stock as of the close of business on February 10, 2025 and 249,990 shares of the Company's common stock were issued. Regional is required to pay the dividend of Common Stock to such holders of Series B Preferred Stock pursuant to the terms of Regional’s Amended and Restated Articles of Incorporation, which governs the terms of the Series B Preferred Stock.

 

As of March 31, 2025, the Company had 2,252,272 shares of Series B Preferred Stock issued and outstanding.

 

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