Company sells 13.5 million shares at $0.20 apiece in April 4 offering
By Devika Patel
Knoxville, Tenn., April 9 - Reven Housing REIT, Inc. completed a $2.7 million private placement of stock on April 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 13.5 million common shares at $0.20 per share. The price per share is a 63.64% discount to the April 3 closing share price of $0.55.
Based in La Jolla, Calif., Reven plans to acquire portfolios of occupied and rented single-family houses throughout the United States in line with its new business plan. Reven would like to be an exit strategy for owners of portfolios of rented single-family homes.
| Issuer: | Reven Housing REIT, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.7 million
|
| Shares: | 13.5 million
|
| Price: | $0.20
|
| Warrants: | No
|
| Settlement date: | April 3
|
| Stock symbol: | OTCBB: RVEN
|
| Stock price: | $0.55 at close April 4
|
| Market capitalization: | $48.32 million
|
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