Manhattan Bridge Capital (LOAN) Announces Proposed Common Share Offering
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Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that it is proposing to offer its common shares in an underwritten public offering. Manhattan Bridge Capital expects to grant the underwriter a 45-day option to purchase up to an additional 15 percent of its common shares offered in the public offering 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.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ: NHLD), is acting as sole book-running manager for the offering.
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