Manhattan Bridge Capital Announces Partial Exercise of Over-Allotment Option by Underwriter
August 01 2018 - 1:04PM
Manhattan Bridge Capital, Inc. (NasdaqCM: 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 the underwriter of its previously announced
underwritten public offering of 1,428,572 of its common shares has
partially exercised its option to purchase an additional 117,214
shares at a price to the public of $7.00 per share to cover over
allotments, bringing the total gross proceeds from the offering to
approximately $10.8 million. The aggregate net proceeds are
expected to be approximately $9.9 million, after deducting
underwriting discounts, commissions and estimated offering expenses
payable by Manhattan Bridge Capital. The exercise of the
over-allotment option closed on August 1, 2018.
National Securities Corporation, a wholly owned
subsidiary of National Holdings Corporation (Nasdaq: NHLD), acted
as sole book-running manager for the offering.
Manhattan Bridge Capital intends to use the net
proceeds of the offering 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 securities described above were 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. A final prospectus supplement and an accompanying prospectus
relating to the offering have been filed with the SEC on July 20,
2018, and are available on the SEC’s website located at
http://www.sec.gov. Electronic copies of the 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 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 the
risk factors discussed in Manhattan Bridge Capital’s final
prospectus supplement and 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) 444-3400
Manhattan Bridge Capital (NASDAQ:LOAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Manhattan Bridge Capital (NASDAQ:LOAN)
Historical Stock Chart
From Apr 2023 to Apr 2024