Company sells up to 5 million common shares to finance home purchases
By Devika Patel
Knoxville, Tenn., May 12 – Reven Housing REIT, Inc. priced a $25 million public offering of stock, according to a prospectus filed Thursday with the Securities and Exchange Commission.
The company will sell between 3,001,500 and 5 million common shares at $5.00 per share on a best-efforts basis. The price per share is a 21.26% discount to the May 11 closing share price of $6.35.
Settlement is expected June 30.
Proceeds will be used to purchase additional leased single-family homes.
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: | $15,007,500 (minimum), $25 million (maximum)
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| Shares: | 3,001,500 (minimum), 5 million (maximum)
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| Price: | $5.00
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| Warrants: | No
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| Pricing date: | May 12
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| Settlement date: | June 30
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| Stock symbol: | Nasdaq: RVEN
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| Stock price: | $6.35 at close May 11
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| Market capitalization: | $44.7 million
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