Company sells up to 5 million common shares to finance acquisition
By Devika Patel
Knoxville, Tenn., Sept. 29 – Reven Housing REIT, Inc. priced a $28.75 million public offering of stock with an $11.79 million greenshoe, according to a Form S-1/A filed Tuesday with the Securities and Exchange Commission. The deal was announced May 27.
The company will sell between 500,000 and 5 million common shares at $5.75 per share on a best-efforts basis. The price per share is a 35.97% discount to the Sept. 28 closing share price of $8.98.
Settlement is expected Oct. 30.
Proceeds will be used to acquire 140 single-family homes in Jacksonville, Fla., and 100 single-family homes in Houston for about $12.73 million.
Reven is a La Jolla, Calif.-based real estate investment trust that acquires, owns and operates single-family homes as rental properties.
Issuer: | Reven Housing REIT, Inc.
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Issue: | Common shares
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Amount: | $2,875,000 (minimum), $28.75 million (maximum)
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Greenshoe: | $11,786,250
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Shares: | 500,000 (minimum), 5 million (maximum)
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Price: | $5.75
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Warrants: | No
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Announcement date: | May 27
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Pricing date: | Sept. 29
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Settlement date: | Oct. 30
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Stock symbol: | Nasdaq: RVEN
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Stock price: | $8.98 at close Sept. 28
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Market capitalization: | $63.01 million
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