Hard Money Lender Manhattan Bridge to Raise $5M in Stock Offering
Manhattan Bridge Capital in Great Neck, N.Y., said it will price up to 1.75 million shares of common stock for sale through a public offering at $2.85 per share.
The company said in a press release Monday that it expects to raise up to $5 million in gross proceeds from the public offering.
The underwriter, Aegis Capital Corp., has also been granted an option to purchase an additional 263,157 shares to cover any overallotments.
Manhattan Bridge Capital (Nasdaq: LOAN) is a lender that specializes in short-term, asset-based financing known as hard-money real estate loans.
The company said it intends to use the net proceeds "primarily to expand its loan portfolio, and also for working capital and general corporate purposes." The offering is expected to close on July 31.