Business
Trinity Place Holdings Inc. Announces Commencement of Rights Offering
Trinity Place Holdings Inc. Announces Commencement of Rights Offering.
About this update from Trinity Place Holdings Inc.
[{"type":"text","content":"\n \n Trinity Place Holdings Inc. (the “Company”) (OTC:TPHS) announced today \n that it has commenced its previously disclosed $30.0 million rights \n offering. Under the terms of the rights offering, the Company will \n distribute 0.248362 non-transferable subscription rights to purchase \n shares of its common stock, for each share of its common stock held by a \n stockholder as of 5:00 p.m., New York time on the record date of \n November 4, 2015, as more fully described in the prospectus relating to \n the rights offering. Each whole subscription right will entitle the \n holder to purchase one share of common stock at a subscription price \n equal to $6.00 per share. Holders as of the record date that exercise \n their basic subscription rights in full will also have oversubscription \n rights, pursuant to which they may be able to purchase additional shares \n at the subscription price to the extent that not all subscription rights \n are exercised, subject to certain limitations and as more fully \n described in the prospectus. The subscription rights may be exercised \n until 5:00 p.m. New York time, on November 30, 2015. As discussed in the \n prospectus related to the rights offering, the Company has entered into \n agreements with two existing stockholders pursuant to which one will \n serve as standby purchaser and the other has agreed to purchase at least \n its pro rata share of common stock in the rights offering, in each case, \n pursuant to the terms and conditions of the applicable agreements and as \n further described in the prospectus.\n \n \n This press release shall not constitute an offer to sell or the \n solicitation of an offer to buy nor shall there be any sale of these \n securities in any state in which such offer, solicitation or sale would \n be unlawful prior to registration or qualification under the securities \n laws of any such state.\n \n \n About Trinity Place Holdings, Inc.\n \n \n Trinity Place Holdings currently has significant real estate in three \n states, a variety of consumer-sector intellectual property rights and \n significant net operating losses. Trinity’s assets include real estate \n in the Westbury, New York, Paramus, New Jersey, and West Palm Beach, \n Florida markets, as well as “Trinity Place,” one of Lower Manhattan’s \n premier develo...