Comstock Homebuilding Companies, Inc. Prices $76.5 Million Follow-On Equity Offering
June 17 2005 - 5:01PM
PR Newswire (US)
Comstock Homebuilding Companies, Inc. Prices $76.5 Million
Follow-On Equity Offering RESTON, Va., June 17
/PRNewswire-FirstCall/ -- Comstock Homebuilding Companies, Inc.
(NASDAQ:CHCI) (the "Company"), a leading regional homebuilder in
the Mid-Atlantic area, today announced that it has priced a
follow-on offering of 3,200,000 shares of its Class A common stock
to the public including 840,500 secondary shares. Priced at $23.90
per share, the equity offering raised a total of more than $76
million dollars, including $56.4 million of gross proceeds to the
Company. Banc of America Securities LLC and BB&T Capital
Markets served as joint lead managers of the offering with Robert
W. Baird & Company and Ferris, Baker Watts, Inc. having served
as co-managers. The Company, which raised approximately $73 million
when it completed its initial public offering in December 2004,
indicated in its Registration Statement on Form S-1 with the
Securities and Exchange Commission that the proceeds from this
offering would be used for general corporate purposes including
working capital and investment in new real estate projects. The
filing referenced several potential new project acquisitions in the
greater Washington, DC area that could generate more than 2,000 new
settlements for the company with an estimated aggregate purchase
price to the Company of approximately $132 million. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy and there shall not be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. About
Comstock Homebuilding Companies, Inc. Comstock is a production
homebuilder that develops, builds, and markets single-family homes,
townhouses, mid-rise condominiums, hi-rise condominiums, and
mixed-use developments. The Company currently operates in the
Washington, D.C. and Raleigh, North Carolina markets where it
targets a diverse range of buyers, including first-time, early
move-up, secondary move-up, empty nester move-down and active adult
home buyers. For more information on Comstock, please visit
http://www.comstockhomebuilding.com/. This press release includes
"forward-looking statements" within the meaning of the federal
securities laws, which involve uncertainties and risks. These
include statements regarding events or developments that the
Company expects or anticipates will occur in the future, such as
statements about the Company's strategies to improve operating
performance. Please refer to the Company's prospectus and its other
filings with the Securities and Exchange Commission for a complete
discussion of these and other important factors that could cause
results to differ materially from those projected by these
forward-looking statements. DATASOURCE: Comstock Homebuilding
Companies, Inc. CONTACT: Al Black of Qorvis Communications,
+1-703-744-7833, , for Comstock Homebuilding Companies, Inc. Web
site: http://www.comstockhomebuilding.com/
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