Shareholders will receive one right for every 15 common shares held
By Devika Patel
Knoxville, Tenn., April 2 - Empire Resorts, Inc. will conduct a rights offering to raise up to $15.39 million, according to a prospectus supplement filed Wednesday with the Securities and Exchange Commission. Continental Stock Transfer & Trust Co. is the agent.
The company will offer rights for common shares at $6.25 apiece, a 12.59% discount to the closing share price of $7.15 on April 1. Investors will receive one right for every 15 common shares held, or into which their series B preferred shares are convertible on March 31.
Kien Huat Realty III Ltd. has agreed to exercise its subscription rights in full.
Settlement is expected April 30.
Proceeds will be used for development of the casino project, redemption of the company's series E preferred stock and maintaining operations and facilities.
Empire Resorts is a Monticello, N.Y., operator of the Monticello Raceway.
| Issuer: | Empire Resorts, Inc.
|
| Issue: | Common stock
|
| Amount: | $15.39 million
|
| Price: | $6.25
|
| Warrants: | No
|
| Agent: | Continental Stock Transfer & Trust Co.
|
| Pricing date: | April 2
|
| Settlement date: | April 30
|
| Stock symbol: | Nasdaq: NYNY
|
| Stock price: | $7.15 at close April 1
|
| Market capitalization: | $269.7 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
