Item 8.01. Other Events.
Option Plan Prospectus Supplement
On August 5, 2022, Rithm Capital Corp. (the “Company”) filed with the Securities and Exchange Commission (the “SEC”) a prospectus
supplement (the “Option Plan Prospectus Supplement”) to the prospectus dated August 5, 2022 included in the Company’s automatic shelf registration statement on Form S-3ASR (No. 333-266599) (the “Registration Statement”). The Option Plan Prospectus
Supplement was filed for the purpose of registering the issuance of securities pursuant to the New Residential Investment Corp. Nonqualified Stock Option and Incentive Award Plan (the “Plan”) or in connection with resales from time to time by certain
individuals who are eligible to receive such securities.
Specifically, the Option Plan Prospectus Supplement registers 21,471,991 shares of the Company’s common stock, par value $0.01 per share
(“Common Stock”) as to which awards have previously been granted under the Plan. The Company will receive the exercise or purchase price of certain stock-based awards under the Plan if and when such awards are exercised or purchased for cash. The
Company will not receive any proceeds if the stock-based awards are exercised on a cashless basis.
In addition, the Option Plan Prospectus Supplement registers 7,000 shares of Common Stock that may be offered for resale from time to time
by individuals to whom the shares may be issued upon the exercise of options related to our Common Stock granted under the Plan. The Company will not receive any proceeds from the sale of its Common Stock by such individuals.
In connection with the filing of the Option Plan Prospectus Supplement, the Company is filing an opinion of its counsel, Skadden, Arps,
Slate, Meagher & Flom LLP, regarding the legality of the securities being registered, which opinion is attached as Exhibit 5.1 to this Current Report on Form 8-K.
Warrant Resale Prospectus Supplement
On August 5, 2022, the Company filed with the SEC a prospectus supplement (the “Warrant Resale Prospectus Supplement”) to the prospectus
dated August 5, 2022 included in the Company’s Registration Statement. The Warrant Resale Prospectus Supplement was filed for the purpose of registering the resale of the Company’s Common Stock from time by the selling stockholders (the “Warrant
Selling Stockholders”) identified in the Warrant Resale Prospectus Supplement.
Specifically, the Warrant Resale Prospectus Supplement registers 47,597,270 shares of Common Stock that may be offered for resale from time
to time by the Warrant Selling Stockholders to whom the shares may be issued upon the exercise of warrants related to the Company’s Common Stock. The Company will not receive any proceeds from the sale of its Common Stock by such individuals.
In connection with the filing of the Warrant Resale Prospectus Supplement, the Company is filing an opinion of its counsel, Skadden, Arps,
Slate, Meagher & Flom LLP, regarding the legality of the securities being registered, which opinion is attached as Exhibit 5.2 to this Current Report on Form 8-K.
ATM Prospectus Supplement
On August 5, 2022, the Company entered into a Distribution Agreement, dated August 5, 2022 (the “Distribution Agreement”), among Company
and BofA Securities, Inc., Barclays Capital Inc., BTIG, LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Nomura Securities International, Inc., Raymond James & Associates, Inc., RBC Capital
Markets, LLC and Wells Fargo Securities, LLC. to sell shares of Common Stock (the “ATM Shares”) having an aggregate offering price of up to $500 million, from time to time, through an “at-the-market” equity offering program (the “ATM Program”).
The ATM Shares will be offered and sold pursuant to the Company’s Registration Statement on file with the SEC. The Company filed a
prospectus supplement, dated August 5, 2022, with the SEC in connection with the offer, issuance and sale of the ATM Shares (the “ATM Prospectus Supplement”).
The foregoing description of the Distribution Agreement is a summary and is qualified in its entirety by reference to the full text of the
Distribution Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and are incorporated herein by reference.
The Company is also filing this Current Report on Form 8-K to provide a legal opinion of its counsel, Skadden, Arps, Slate, Meagher &
Flom LLP, regarding the legality of the securities covered by the ATM Prospectus Supplement, which opinion is attached hereto as Exhibit 5.3.
