Manhattan Bridge Capital Announces Proposed Public Offering of Common Shares
GREAT NECK, N.Y., July 06, 2021 (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 it is proposing to offer its common shares, par value $0.001 per share, in an underwritten public offering. Manhattan Bridge Capital expects to grant the underwriter a 30-day option to purchase up to an additional 15 percent of its common shares offered in the public offering, at the same public offering price per share, less underwriting discounts and commissions, to cover over-allotments, if any. Manhattan Bridge Capital intends to use the net proceeds from the offering primarily 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 final terms of the offering will depend on market and other conditions at the time of pricing, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
B. Riley Securities, Inc. is serving as the sole book-running manager for the offering.
The offering of these securities is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-256396), which was initially filed with the Securities and Exchange Commission (“SEC”) on May 21, 2021 and declared effective by the SEC on June 1, 2021. The offering will be made only by means of the prospectus supplement and the accompanying base prospectus dated June 1, 2021, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained, when available, on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at email@example.com.
A final prospectus supplement describing the terms of the offering will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Manhattan Bridge Capital Inc., and shall not constitute an offer, solicitation or sale of any security 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
Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: 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 proposed public offering, the potential exercise by the underwriter of its over-allotment option to purchase of additional shares, the successful closing of the offering and 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 market conditions and the satisfaction of customary closing conditions related to the proposed offering, and other risk factors discussed in Manhattan Bridge Capital’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, 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.
SOURCE: Manhattan Bridge Capital, Inc.
Contacts: Assaf Ran, CEO (516) 444-3400