BELLEVUE CAPITAL PARTNERS, LLC ANNOUNCES FINAL RESULTS OF TENDER OFFER FOR SHARES OF AMERICAN STRATEGIC INVESTMENT CORP.
Bellevue Capital Partners, has concluded its tender offer for shares of American Strategic Investment Co. (NYSE: NYC).
Sentiment and the balance of points
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Rhea-AI Summary
Bellevue Capital Partners, has concluded its tender offer for shares of American Strategic Investment Co. (NYSE: NYC). The offer, which expired on July 15, 2024, sought to purchase up to 125,000 shares at $11.00 per share. The tender offer was oversubscribed, with 179,219 shares properly tendered. As a result, 125,000 shares (approximately 4.85% of ASIC's outstanding shares) were accepted for purchase on a pro rata basis, for a total cost of about $1,375,000 in cash. Computershare Trust Company, N.A., the depositary, will promptly issue payment for the accepted shares and return any shares not purchased in the offer.
Positive
- Successful completion of the tender offer
- Oversubscription indicates strong shareholder interest
- $1,375,000 cash return to participating shareholders
Negative
- Potential reduction in ASIC's public float by 4.85%
- Not all tendered shares were accepted due to oversubscription
Details
News Market Reaction – NYC
The recorded move for NYC in the trading session of this news was -6.96%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, 179,219 shares of ASIC's common stock were properly tendered and not properly withdrawn.
The tender offer was oversubscribed. Pursuant to the terms of the offer, 125,000 shares of ASIC's common stock were accepted for purchase on a pro rata basis, for an aggregate cost of approximately
Computershare Trust Company, N.A., the depositary for the tender offer, will promptly issue payment for the shares of ASIC common stock validly tendered and accepted for purchase in the tender offer, and will return all other shares tendered and not purchased in the tender offer.
About Bellevue Capital Partners, LLC
Bellevue is a leading, diversified investment, asset management and operating platform and the sole member of AR Global Investments, LLC, the parent company to the advisor and property manager of ASIC.
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SOURCE Bellevue Capital Partners, LLC
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