Empire Resorts, Inc. Announces Planned Rights Offering and Record Date
December 29 2015 - 11:08AM
Business Wire
Empire Resorts, Inc. (the “Company”) today announced that it
plans to commence a rights offering of common stock to holders of
shares of its common stock and Series B Preferred Stock. The
Company plans to make the rights offering through a distribution of
transferable subscription rights to purchase shares of common stock
of the Company to holders of its common stock and Series B
Preferred Stock as of 5:00 p.m. on January 4, 2016 on terms and
conditions to be determined prior to the commencement of the rights
offering. The Company expects to utilize the net proceeds of the
rights offering in connection with the development of the Montreign
Resort Casino and the working capital purposes of the Company.
The proposed rights offering will also include an
over-subscription privilege, which will entitle each rights holder
that exercises all of its basic subscription rights in full the
right to purchase additional shares of common stock that remain
unsubscribed at the expiration of the rights offering, subject to
certain limitations. The Company expects Kien Huat Realty III
Limited, the Company’s largest stockholder, to participate in and
backstop this proposed rights offering pursuant to the terms of an
earlier commitment letter with the Company.
The subscription rights will be transferable and are expected to
begin trading on the Nasdaq Global Market under the symbol “NYNYR”
on January 5, 2016. As a result of “due bill” trading procedures,
we expect that the shares of the Company’s common stock will trade
with an entitlement to subscription rights until an ex-dividend
date has been established by Nasdaq.
The rights offering will be made pursuant to the Company’s
effective shelf registration statement on Form S-3 (Reg. No.
333-193176) on file with the Securities and Exchange Commission.
The information herein is not complete and is subject to change.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the rights or the underlying
shares, nor shall there be any sale of these securities in any
state in which such offering, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any state or jurisdiction. The rights offering
will be made only by means of a prospectus, copies of which will be
mailed to eligible record date shareholders. Investors should
consider the Company’s objectives and risks carefully before
investing. The base prospectus contains this and additional
information about the Company and the prospectus supplement will
contain this and additional information about the rights offering
and should be read carefully before investing. A copy of the based
prospectus and the prospectus supplement, when available, may be
obtained on the website of the Securities and Exchange Commission
at www.sec.gov.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements about the distribution of the
subscription rights and the commencement of the rights offering,
the listing of the subscription rights for trading and other
matters that are not historical facts. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements, including, without limitation, the Company’s
determination to commence a rights offering, the Company’s ability
to satisfy the listing requirements for the subscription rights,
the development of a trading market for the subscription rights and
the Company’s ability to complete the rights offering. These
forward-looking statements speak only as of the date of this
presentation, and the Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
the Company’s expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of the Company,
including the most recent Form 10-K and 10-Q, for additional
information about the Company and about the risks and uncertainties
related to the Company’s business which may affect the statements
made in this presentation.
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version on businesswire.com: http://www.businesswire.com/news/home/20151229005468/en/
Empire Resorts, Inc.Charles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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