Manhattan Bridge Capital Inc. (LOAN) stock shares showed a plunge in the current trading session by a percentage of -16.25% and at the price of $6.65 at the last check. LOAN stock previously closed the session at $7.94. The LOAN stock volume traded 0.54 million shares, while for the past 50 days the average daily volume was 39737.0 shares which is lower than today’s remaining shares. Manhattan Bridge Capital is currently valued in the market at $76.46 million and has 9.62 million outstanding shares.
What you need to know about Manhattan Bridge Capital Inc.
Manhattan Bridge Capital Inc. is a Real Estate Investment Trust (REIT) that focuses on having a profile of real estate finance and loaning services. The company manages and organizes a portfolio of first mortgage loans in the United States. The type of loans that LOAN stock provides is usually short term and secured loans that have no banking affiliation for the investors that are interested in funding and investing in their real estate projects. These real estate projects could include acquisition, renovation, rehabilitation as well as upgrades. These services are provided primarily for properties that exist in the New York metropolitan area, including New Jersey, Connecticut as well as Florida. The guarantees and security for these funds and loans are mainly secured through collateral which includes personal guarantees through the borrower’s principals as well as real estate assets. The company states that it is not subject to income taxes of the federal corporate kind by distributing 90% of its taxable income to its stockholders. The origins of the LOAN stock date back to 1989 and has its headquarter established in the Great Neck of New York.
Manhattan Bridge Capital Inc. proposes an public offering for common shares
On 6th July 2021, Manhattan Bridge Capital Inc. had announced that it was allowing a proposed public offering for the LOAN stock’s common shares. This underwritten public offering consists of a volume of 1,875,000 common shares of the company. These shares are priced at a par value of $0.001 per share while at a public price of $7.20 per share. The underwriting provides an offering that allows the underwriter to purchase 281,250 additional common shares in the 30-day option period in the public offering at the same price. This is subject to the underwriting discounts and commissions for the covering of any over-allotment.
The main reason for extending this public offering is so that LOAN stock can use the proceeds and capital to fund the over-extending and outstanding balance of the company’s existing credit line. The remaining amount (if remained) would then be exercised for the funding of general corporate purposes, working capital loan as well as increase its loan portfolio.
The date set for the closing of this offering is 9th July 2021 in which B. Riley Securities Inc. has been placed as the solo book running manager for the offering. The company states that it is expecting to receive gross proceeds of $13,500,000 after which it will deduct the underwriting discounts as well as commissions and expenses.