Trinity Capital, a specialty lending company that provides debt, including loans and equipment financing, to growth stage companies backed by technology banks, venture capital and private equity firms, made an adjustment to the conversion rate of its 6% convertible notes due 2025 as a result of the company’s cash dividend of $0.33 per share, payable on Oct. 15 to stockholders of record as of today. The ex-dividend date for such dividend was Sept. 29.

Effective immediately after the close of business today, the conversion rate of the convertible notes will be adjusted to 66.7960 shares of the company’s common stock per $1,000 principal amount of convertible notes from the prior conversion rate of 66.6667 shares of the company’s common stock per $1,000 principal amount of convertible notes, which had been in effect since the issuance of the convertible notes on Dec. 11, 2020. As a result, effective as of such time, the conversion price applicable to the convertible notes will be adjusted to $14.97 per share of common stock from $15 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 Dec. 11, 2020, governing the convertible notes as a result of the company’s cash dividend exceeding the initial dividend threshold of $0.30 per share of common stock set forth in the second supplemental indenture.

Notice of the conversion rate adjustment will be delivered to the holders of the convertible notes and U.S. Bank, as trustee, in accordance with the terms of the second supplemental indenture governing the convertible notes.