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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
About this update from Manhattan Bridge Capital, Inc
[{"type":"text","content":"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 protected]. 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 Br...