Avatar (AVTR) Prices 2.25M Shares At $18 Per Share
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Avatar Holdings Inc. (Nasdaq: AVTR) announced today that it has priced, in an underwritten public offering, 2,250,000 shares of common stock at $18.00 per share, which includes an increase of approximately 40%, or an additional 637,097 shares from the previously announced offering size of 1,612,903 shares of common stock due to investor demand. In addition, the underwriter has been granted an over-allotment option to purchase an additional 337,500 shares of common stock.
The offering was made through Barclays Capital Inc., as sole underwriter, and is expected to close September 28, 2009 subject to standard closing conditions. The Company intends to use the proceeds from the sale for general corporate purposes, including, without limitation, potential new acquisitions of real estate and real estate-related assets.
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