E-Trade Financial Corp. announced Monday that it plans to sell up to $150 million of stock as its board ended its poison-pill plan after last month's vote by shareholders.
The company's plans for the proceeds include boosting liquidity for working capital and other corporate purposes. The bank and online brokerage has been selling shares and exchanging debt to shore up its capital cushion.
E-Trade is conducting a search for a new chief executive to succeed Donald Layton, who will step down at the end of the year when his contract expires.
