Manhattan Bridge Capital (LOAN) Prices 1.43M Share Common Offering at $7/Sh
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Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today the pricing of its previously announced underwritten public offering. Manhattan Bridge Capital is offering 1,428,572 of its common shares, par value $0.001 per share, at a price to the public of $7.00 per share. In connection with the offering, Manhattan Bridge Capital has also granted the underwriter a 45-day option to purchase up to an additional 214,286 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 offering is expected close on July 24, 2018, subject to the satisfaction or waiver of customary closing conditions.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NHLD), is acting as sole book-running manager for the offering.
Manhattan Bridge Capital is offering and selling these securities pursuant to its existing shelf registration statement (File No. 333-224955), as declared effective by the Securities and Exchange Commission, or the SEC, on May 24, 2018.
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