Proceeds will be used to increase loan portfolio, for working capital
By Devika Patel
Knoxville, Tenn., June 24 – Manhattan Bridge Capital, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $668,378 greenshoe in part, lifting total proceeds of the offering to $4.92 million. The deal priced for $4.46 million with the greenshoe on May 22.
The company sold 1.12 million common shares at $4.39 per share, which is a 5.02% premium to the company’s closing price on May 22. Of the shares, 105,000 were part of the partially exercised greenshoe.
Aegis Capital Corp. was the bookrunner.
Proceeds will be used to increase the company’s loan portfolio and for general corporate purposes and working capital.
Manhattan Bridge Capital is a New York-based real estate investment trust that originates, services and manages a portfolio of first mortgage loans.
| Issuer: | Manhattan Bridge Capital Inc.
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| Issue: | Common stock
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| Amount: | $4,916,800, including $460,950 greenshoe of 105,000 shares
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| Shares: | 1.12 million
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| Price: | $4.39
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| Warrants: | No
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| Bookrunner: | Aegis Capital Corp.
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| Pricing date: | May 22
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| Settlement date: | June 24
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| Stock symbol: | Nasdaq: LOAN
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| Stock price: | $4.18 at close May 22
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| Market capitalization: | $30.93 million
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