Deal includes fully exercised greenshoe for 675,000 more shares
By Susanna Moon
Chicago, July 12 - New York Mortgage Trust, Inc. said it priced its public offering of stock at $30.15 million, including a fully exercised over-allotment option for 675,000 more shares. The company registered to sell 3.75 million shares Wednesday in a filing with the Securities and Exchange Commission.
The company will issue 4.5 million shares at $6.70 each, which is a 2.05% discount to the company's closing price on July 11.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., is the bookrunning manager. Aegis Capital Corp., Maxim Group LLC and National Securities Corp. are the co-managers.
Proceeds will be used to acquire some of the company's targeted assets, including commercial mortgage-backed securities collateralized by multi-family loans and agency residential mortgage-backed securities. Proceeds also will be used for general working capital purposes, including the repayment of debt.
Settlement is slated for July 17.
New York Mortgage is a New York-based real estate investment trust.
| Issuer: | New York Mortgage Trust, Inc.
|
| Issue: | Common stock
|
| Amount: | $30.15 million (including $4,522,500 greenshoe exercise)
|
| Shares: | 4.5 million
|
| Price: | $6.70
|
| Bookrunner: | Ladenburg Thalmann & Co. Inc.
|
| Co-managers: | Aegis Capital Corp., Maxim Group LLC and National Securities Corp.
|
| Announcement date: | July 11
|
| Pricing date: | July 12
|
| Settlement date: | July 17
|
| Stock symbol: | Nasdaq: NYMT
|
| Stock price: | $6.84 per share on July 11
|
| Market capitalization: | $94.82 million
|
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