Shareholders will receive one right for every five common shares held
By Devika Patel
Knoxville, Tenn., April 3 - Empire Resorts, Inc. plans a rights offering to raise up to $11.4 million, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission.
The company will offer rights for up to 6,032,153 common shares at $1.8901 apiece, a 3.57% discount to the closing share price of $1.96 on April 2. Investors will receive one right for every five common shares held, or into which the series B preferred shares are convertible.
Kien Huat Realty III Ltd. has agreed to exercise its subscription rights in full. In addition, Kien Huat would exercise all rights not otherwise exercised by the other holders in the rights offering.
Settlement is expected on April 8.
Proceeds will be used for the expenses of the company's new development project, which may include permitting, infrastructure and shared master planning costs and expenses, and for general working capital purposes.
Empire Resorts is a Monticello, N.Y., operator of the Monticello Raceway.
| Issuer: | Empire Resorts, Inc.
|
| Issue: | Common stock
|
| Amount: | $11,401,372
|
| Shares: | 6,032,153
|
| Price: | $1.8901
|
| Warrants: | No
|
| Pricing date: | April 3
|
| Settlement date: | April 8
|
| Stock symbol: | Nasdaq: NYNY
|
| Stock price: | $1.96 at close April 2
|
| Market capitalization: | $59.39 million
|
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