Trinity Capital Inc. Stock Price, News & Analysis

Trinity Capital Inc. (NASDAQ: TRIN) has appointed Joshua Ruben as Managing Director of Life Sciences. Ruben brings over a decade of investment banking experience, having completed transactions worth over $50 billion in M&A and capital raises. Previously, he was Head of Life Science Tools and Diagnostics coverage at RBC Capital Markets and helped establish the Corporate Finance Advisory Group at Wells Fargo.

Rob Lake, Senior Managing Director of Life Sciences at Trinity, expressed confidence that Ruben's experience and industry connections will be valuable as the company grows its portfolio and invests in innovative companies. Ruben, based in Phoenix, AZ, is a published expert in corporate finance and a former teaching fellow of economics at Harvard College. He holds degrees from Pomona College and Harvard Business School.

Trinity Capital Inc. (Nasdaq: TRIN), a provider of financial solutions to growth-stage companies, has announced the release date for its second quarter 2024 financial results. The results will be released before market open on Wednesday, August 7, 2024, followed by a conference call at 9:00 a.m. PT (12:00 p.m. ET) to discuss the results.

Investors can access the call by dialing (800) 245-3047 or (203) 518-9765 internationally, using the Conference ID: TRINQ224. A taped replay will be available until August 14, 2024, accessible by dialing (800) 723-0549 or (402) 220-2657. Additionally, a live webcast of the call will be available on the company's investor relations website, with a replay accessible for 90 days following the conference call.

Trinity Capital Inc. (Nasdaq: TRIN) reported record funding of $474 million in investments for the first half of 2024, with $576 million in new commitments. The company's diverse strategies across tech lending, equipment financing, life sciences, warehouse financing, and sponsor finance have driven strong growth. In Q2 2024, Trinity originated $289 million in new commitments and funded $231 million in investments. The first half saw $329 million in repayments, including $83 million from early debt repayments and refinancings. Trinity's expansion into Europe and selective investment approach highlight its growth trajectory in the venture debt market.

Trinity Capital Inc. (NASDAQ: TRIN) has priced a public offering of $100.0 million in 7.875% notes due 2029. The notes will mature on September 30, 2029, and can be redeemed after September 30, 2026. Trinity has granted underwriters a 30-day option to purchase up to $15.0 million in additional notes. The offering is expected to close on July 19, 2024, with the notes to be listed on Nasdaq under the symbol 'TRINI'.

Trinity plans to use the net proceeds to pay down existing debt under its KeyBank Credit Facility and potentially redeem a portion of its outstanding 7.00% Notes due 2025. The offering is being managed by several financial institutions, including Keefe, Bruyette & Woods, Morgan Stanley, RBC Capital Markets, and UBS Investment Bank as joint book-running managers.

Trinity Capital Inc. (NASDAQ: TRIN) has committed $15 million in growth capital to Velentium, a Houston-based professional engineering firm specializing in medical device design and manufacture. Velentium focuses on active implantable and wearable devices, offering expertise in systems engineering, software, cybersecurity, mobile/cloud solutions, and automated test systems.

Velentium recently moved into a new 50,000 square foot corporate headquarters in Houston, featuring class 7 cleanrooms and increased manufacturing capacity. The debt facility from Trinity will support Velentium's continued growth and expansion in the medical device industry.

Trinity Capital announced an adjustment to the conversion rate of its 6.00% Convertible Notes due 2025, following a cash dividend of $0.51 per share, payable on July 15, 2024. The conversion rate is now set at 79.2226 shares per $1,000 principal amount, up from 78.0543 shares. The conversion price has been adjusted to $12.62 from $12.81 per share of common stock. This adjustment follows the second supplemental indenture, affected by the Company's quarterly cash dividend exceeding the $0.30 per share threshold. The announcement ensures the company maintains its tax treatment as a regulated investment company, distributing 90% to 100% of its taxable income annually.

Trinity Capital Inc. (NASDAQ: TRIN) has announced a $40 million debt facility to Gravie, a rapidly growing provider of health benefits. Gravie offers the Comfort® health plan for small and mid-size employers, featuring comprehensive coverage with no deductibles or copays for common healthcare services, including virtual care. This partnership aims to support Gravie's national expansion and simplify healthcare with innovative, interest-free payment options. Ryan Thompson, Managing Director of Tech Lending at Trinity, expressed enthusiasm about aiding Gravie's growth and providing quality, affordable health coverage to businesses.

Trinity Capital (Nasdaq: TRIN) announced a cash dividend of $0.51 per share for Q2 2024. This marks the 18th consecutive quarter of consistent or increased dividends since its IPO in January 2021. The dividend will be paid on July 15, 2024, to shareholders on record as of June 28, 2024. The company aims to distribute 90%-100% of its taxable income annually to qualify as a regulated investment company under the IRS code. Dividends are paid from taxable earnings and may include returns of capital or capital gains. Specific tax details will be provided via Form 1099-DIV and SEC filings.

Trinity Capital (Nasdaq: TRIN) announced the completion of its liquidation of Core Scientific (CORZ) shares. These shares were received to satisfy a $28.3 million claim from Core's Chapter 11 bankruptcy, following a $30 million equipment financing provided in 2021. The liquidation of 5,640,373 shares at an average price of $5.13 per share generated $29 million in total proceeds. Including loan interest payments, Trinity achieved an internal rate of return of 17.7% on its initial investment.