Orchid Island Capital, Inc., a specialty finance company that invests in residential mortgage-backed securities, lowered the proposed deal size for its upcoming IPO on Thursday. The Vero Beach, FL-based company now plans to raise $42 million by offering 5.2 million at a priceof $8. The company had previously filed to offer 7.5 million at a range of $10 to $12. At the mid-point of the revised range, Orchid Island will raise -50% fewer proceeds than previously anticipated. The company also amended their private placement term with Bimini Capital Management and are now selling warrants to purchase an aggregate of 2.7 million shares of common stock with an aggregate purchase price of $1.2 million, exercisable at 110% of the price per share of the common stock sold in the offering. Orchid Island, which was founded in 2010, plans to list on the NYSE Amex under the symbol ORC. Barclays Capital and JMP Securities are the lead underwriters on the deal, which is now expected to price during the week of July 25.
