Manhattan Bridge Capital Announces Proposed Public Offering of Common Shares
July 19 2018 - 4:01PM
Manhattan Bridge Capital, Inc. (Nasdaq:LOAN), or Manhattan
Bridge Capital, a real estate finance company specializing in
originating, funding, servicing, and managing a portfolio of
short-term loans secured by first mortgage liens on real estate,
announced today that it is proposing to offer its common shares in
an underwritten public offering. Manhattan Bridge Capital expects
to grant the underwriter a 45-day option to purchase up to an
additional 15 percent of its common shares offered in the public
offering to cover over-allotments, if any. Manhattan Bridge Capital
intends to use the net proceeds from the offering primarily to
reduce the outstanding balance of its existing credit line, and in
the event that additional proceeds remain, to increase its loan
portfolio and for general corporate purposes and working
capital. The final terms of the offering will depend on
market and other conditions at the time of pricing, and there can
be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
National Securities Corporation, a wholly owned
subsidiary of National Holdings Corporation (Nasdaq:NHLD), is
acting as sole book-running manager for the offering.
The securities described will above issued by
Manhattan Bridge Capital pursuant to a “shelf” registration
statement on Form S-3 (File No. 333-224955), as declared effective
by the Securities and Exchange Commission, or the SEC, on May 24,
2018. Electronic copies of the preliminary prospectus supplement
and the accompanying prospectus relating to the offering may be
obtained from National Securities Corporation, Attention:
Marguerite Rogers, 200 Vesey St, 25th Floor, New York, NY 10281, or
by telephone at (212)-417-8227, or by e-mail at
prospectusrequest@nationalsecurities.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there 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 Manhattan Bridge
Capital
We are a New York-based real estate finance
company that specializes in originating, servicing and managing a
portfolio of first mortgage loans. We offer short-term, secured,
non–banking loans (sometimes referred to as “hard money” loans) to
real estate investors to fund their acquisition, renovation,
rehabilitation or development of residential or commercial
properties located in the New York metropolitan area. We are
organized and conduct our operations to qualify as a real estate
investment trust (“REIT”) for federal income tax purposes.
For more information about Manhattan Bridge
Capital, visit Manhattan Bridge Capital’s website at
https://www.manhattanbridgecapital.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Because such statements deal with future
events and are based on Manhattan Bridge Capital’s current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of Manhattan Bridge
Capital could differ materially from those described in or implied
by the statements in this press release. For example,
forward-looking statements include statements regarding Manhattan
Bridge Capital’s proposed public offering, the potential exercise
by the underwriter of its over-allotment option to purchase of
additional shares, the successful closing of the offering and
planned use of the net proceeds from the offering. The
forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
market conditions and the satisfaction of customary closing
conditions related to the proposed offering, and other risk factors
discussed in Manhattan Bridge Capital’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2017, filed with the SEC and
in subsequent filings with the SEC. Except as otherwise required by
law, Manhattan Bridge Capital disclaims any intention or obligation
to update or revise any forward-looking statements, which speak
only as of the date they were made, whether as a result of new
information, future events or circumstances or otherwise.
Contacts:Assaf Ran,
CEO(516) 444-3400SOURCE:
Manhattan Bridge Capital, Inc.
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