LOB 8-K: Secondary offering

Live Oak Bancshares

Filed with the SEC on Nov 5, 2026 · accession 0001462120-26-000075

LOB filed a 8-K (current report) with the SEC on Nov 5, 2026. Live Oak Bancshares entered into an underwriting agreement to sell 4,000,000 depositary shares, each representing a 1/40th interest in its 8.750% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, at a liquidation value of $25 per depositary share, with an option for underwriters to… The stock moved -3.6% by the first close after the filing.

Summary of the filing

Live Oak Bancshares entered into an underwriting agreement to sell 4,000,000 depositary shares, each representing a 1/40th interest in its 8.750% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, at a liquidation value of $25 per depositary share, with an option for underwriters to purchase up to 600,000 additional shares for overallotments.

For details, click here →How to read a 8-K →

Key details

Number of depositary shares offered$4.0M

Liquidation value per depositary share$25

Overallotment option shares$600K

IssuerLive Oak Bancshares, Inc.

UnderwriterMorgan Stanley & Co. LLC

UnderwriterKeefe, Bruyette & Woods, Inc.

UnderwriterRBC Capital Markets, LLC

UnderwriterUBS Securities LLC

Chief financial officerWalter J. Phifer

How LOB stock reacted

Close before

$35.15

Nov 4, 2026

First close after

-3.56%

$33.90

5 trading days

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Since filing

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Frequently asked questions

What did LOB file with the SEC on Nov 5, 2026?

LOB filed a 8-K (Secondary offering). Live Oak Bancshares entered into an underwriting agreement to sell 4,000,000 depositary shares, each representing a 1/40th interest in its 8.750% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, at a liquidation value of $25 per depositary share, with an option for underwriters to purchase up to 600,000 additional shares for overallotments.

What does a secondary offering mean for LOB stock?

New shares dilute existing holders and are often sold at a discount to the market price.

How do I read a 8-K?

A report of a major event, filed within four business days: results, deals, leadership changes, bankruptcy and more. The "Item" number tells you the topic (e.g. 2.02 results, 5.02 executive change, 1.01 new agreement, 1.03 bankruptcy). Exhibits (99.1 press release) usually hold the details.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 8-K (current report): A report of a major event, filed within four business days: results, deals, leadership changes, bankruptcy and more.

How did LOB stock react to this filing?

LOB closed at $35.15 before the filing and $33.90 on Nov 5, 2026 (-3.56%).

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