Bimini Capital Management Announces Preliminary Results of Tender Offer

Bimini Capital Management, Inc. (OTCQB: BMNM) (“Bimini Capital”) today announced the preliminary results of its “modified Dutch auction” tender offer to purchase up to $2.2 million in value of shares of its Class A common stock, par value $0.001 per share (CUSIP numbers: 090319401, 090319708 and 090319807) (the “Class A Common Stock”), which expired at 5:00 P.M., New York City time, on July 2, 2021 (the “Offer”).

Based on the preliminary count by Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”), the depositary for the Offer, a total of 812,780 shares of Class A Common Stock were properly tendered and not properly withdrawn at the purchase price of $1.85 per share, including 147 shares that were tendered by notice of guaranteed delivery.

In accordance with the terms and conditions of the Offer, and based on the preliminary count by the depositary, Bimini Capital expects to acquire approximately 812,780 shares of Class A Common Stock at a price of $1.85 per share, for an aggregate cost of approximately $1.5 million, excluding fees and expenses relating to the Offer. These shares represent approximately 7.0% of the shares of Class A Common Stock outstanding as of July 1, 2021. Based on these preliminary numbers, Bimini Capital anticipates that, following settlement of the Offer, it will have approximately 10,795,775 shares of Class A Common Stock outstanding.

The number of shares of Class A Common Stock to be purchased and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares of Class A Common Stock tendered through notice of guaranteed delivery will be delivered within the two business day settlement period. The final number of shares of Class A Common Stock to be purchased and the final purchase price will be announced following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process. Payment for the shares of Class A Common Stock accepted for purchase under the Offer will occur promptly thereafter.

Stockholders who have questions or would like additional information about the Offer may contact Broadridge, the information agent for the Offer, toll-free at [phone].

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of Class A Common Stock.