Reven Housing REIT in La Jolla, Calif., plans to raise about $29 million through a direct public offering.
Reven will offer a minimum of 500,000 shares of its stock and a maximum of 5 million shares, at $5.75 per share. If Reven completes the offering by Oct. 30, and meets certain conditions, its shares will be moved from OTC Markets, to be traded on the Nasdaq Capital Market.
The offering will be terminated if Reven does not meet its minimum for offering proceeds and if it does not obtain Nasdaq approval for a share listing.
Reven plans to use the proceeds to acquire 81 homes in Jacksonville, Fla., and Houston.
Greenberg Traurig is legal counsel to Reven on the offering.
