Manhattan Bridge Capital Announces Partial Exercise of Over-Allotment Option by Underwriter
GREAT NECK, N.Y., Aug. 01, 2018 (GLOBE NEWSWIRE) -- 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 email@example.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
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