Two investors will purchase 8,695,653 common shares at $5.75 per share
By Devika Patel
Knoxville, Tenn., May 31 - Thomas Properties Group, Inc. gave further details about a $50 million private placement of stock in an 8-K filed Thursday with the Securities and Exchange Commission. The deal, which priced May 29, is being conducted with MIRELF IV TPGI, LLC and MIRELF IV TPGI II, LLC.
The company will sell 8,695,653 common shares at $5.75 per share, a 40.24% premium to the May 25 closing share price of $4.10.
Settlement is expected June 12.
Proceeds will be used for general corporate purposes, including acquisitions.
Thomas is a Los Angeles-based full-service real estate company.
| Issuer: | Thomas Properties Group, Inc.
|
| Issue: | Common shares
|
| Amount: | $50 million
|
| Shares: | 8,695,653
|
| Price: | $5.75
|
| Warrants: | No
|
| Investor: | MIRELF IV TPGI, LLC and MIRELF IV TPGI II, LLC
|
| Pricing date: | May 29
|
| Settlement date: | June 12
|
| Stock symbol: | Nasdaq: TPGI
|
| Stock price: | $4.10 at close May 25
|
| Market capitalization: | $175.28 million
|
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