Reven Housing REIT eyes $28.75 million public offering of common stock

Company also plans to complete reverse stock split

By Angela McDaniels

Tacoma, Wash., May 27 - Reven Housing REIT, Inc. plans to raise up to $28.75 million through a public offering of common stock.

Maxim Group LLC is the underwriter, according to an S-11 filing with the Securities and Exchange Commission.

Proceeds will be used to acquire and operate single-family homes as rental properties and for general business purposes.

The company plans to apply to list its common stock on the Nasdaq Capital Market under the symbol "RVEN." Its stock is currently quoted for trading on the OTCQB Marketplace under the same symbol and closed at $0.50 on May 27.

The company said it expects to effect a reverse stock split prior to the effectiveness of the registration statement for the offering.

Reven is a La Jolla, Calif.-based real estate investment trust that acquires, owns and operates single-family homes as rental properties.

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