Shareholders will receive one right for every 5.6 common shares held
By Devika Patel
Knoxville, Tenn., Jan. 5 – Empire Resorts, Inc. will conduct a rights offering to raise up to $50 million, according to a prospectus supplement and 8-K filed Monday with the Securities and Exchange Commission.
The company will offer rights for common shares at $7.10 apiece, a 6.46% discount to the closing share price of $7.59 on Jan. 2. Investors will receive one right for every 5.6 common shares held, or into which their series B preferred shares are convertible on Jan. 2.
Kien Huat Realty III Ltd. has agreed to exercise its subscription rights in full. In addition, Kien Huat has agreed to exercise all rights not exercised by other investors.
Settlement is expected Feb. 2.
Proceeds will be used to obtain a gaming facility license and for operations.
Empire Resorts is a Monticello, N.Y., operator of the Monticello Raceway.
| Issuer: | Empire Resorts, Inc.
|
| Issue: | Common stock
|
| Amount: | $50 million
|
| Price: | $7.10
|
| Warrants: | No
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| Investor: | Kien Huat Realty III Ltd.
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| Pricing date: | Jan. 5
|
| Settlement date: | Feb. 2
|
| Stock symbol: | Nasdaq: NYNY
|
| Stock price: | $7.59 at close Jan. 2
|
| Market capitalization: | $289.16 million
|
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