Expiration date for rights is expected to be July 8
By Angela McDaniels
Tacoma, Wash., May 14 - Hotel Outsource Management International, Inc. plans to raise up to $1.1 million through a rights offering, according to an S-1 filing with the Securities and Exchange Commission.
Shareholders will receive rights for up to 1.1 million shares of common stock. They will receive one non-transferable subscription right for each whole share held.
Each subscription right will entitle its holder to purchase 0.55 of a share.
The subscription price will be $1.00 per share, the same as the company's closing share price on April 24.
If some stockholders do not fully exercise their rights, the leftover shares will be offered to holders who fully exercise their rights.
The record date for the rights is expected to be May 30, and the expiration date for the rights is expected to be 5 p.m. ET on July 8.
Proceeds will be used for general corporate purposes.
The company is a New York-based service provider in the hospitality industry.
| Issuer: | Hotel Outsource Management International, Inc.
|
| Issue: | Common stock
|
| Amount: | Up to $1.1 million
|
| Shares: | Up to 1.1 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 14
|
| Stock symbol: | OTC Pink Sheets: HOUM.PK
|
| Stock price: | $1.00 at close April 24
|
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