Offering being done in connection with proposed up-listing to Nasdaq
By Angela McDaniels
Tacoma, Wash., Feb. 16 – Reven Housing REIT, Inc. said it will sell $15.01 million to $28.75 million of common stock in a direct public offering.
The company will sell a minimum of 2.61 million shares and a maximum of 5 million shares at $5.75 each, which is a 10.1% discount to the company’s closing share price on Feb. 12.
The offering is being conducted in connection with the company’s proposed up-listing to the Nasdaq Capital Markets, according to a company news release.
All funds paid by subscribers in the offering will be deposited in an escrow account. The offering will terminate if the escrow agent has not received subscriptions for at least $15.01 million of shares by March 31.
Proceeds will be used to acquire and operate single-family homes as rental properties and for general business purposes.
Reven is a real estate investment trust based in La Jolla, Calif.
| Issuer: | Reven Housing REIT, Inc.
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| Issue: | Common stock
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| Amount: | $15,007,500 to $28.75 million
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| Shares: | 2.61 million to 5 million
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| Price: | $5.75
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| Warrants: | No
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| Agent: | None
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| Pricing date: | Feb. 16
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| Settlement date: | By March 31
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| Stock symbol: | OTCBB: RVEN
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| Stock price: | $6.40 at close Feb. 12
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| Market capitalization: | $44.91 million
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