BELLEVUE CAPITAL PARTNERS, LLC INCREASES THE PURCHASE PRICE FOR ITS PREVIOUSLY ANNOUNCED TENDER OFFER FOR SHARES OF AMERICAN STRATEGIC INVESTMENT CORP.

Bellevue Capital Partners has increased its tender offer price for American Strategic Investment Corp. (NYSE: NYC) shares from $10.25 to $11.00 per share.

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Rhea-AI Summary

Bellevue Capital Partners has increased its tender offer price for American Strategic Investment Corp. (NYSE: NYC) shares from $10.25 to $11.00 per share. This represents a $0.75 per share increase and a 90% premium to the closing price on May 3, 2024.

The Tender Offer targets up to 125,000 ASIC shares and will close on July 5, 2024. Bellevue's decision reflects confidence in ASIC's portfolio and its expanded investment strategy, emphasizing long-term value. The tender offer is subject to terms in the Offer to Purchase and the Letter of Transmittal. Shares can be withdrawn before the offer expires on July 5, 2024.

Positive

Increased tender offer price to $11.00 per share.
90% premium to May 3, 2024, closing price.
Reflects confidence in ASIC's portfolio and expanded investment strategy.
Up to 125,000 ASIC shares targeted.

Negative

Tender offer expires on July 5, 2024, creating a time for shareholders to act.

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06/26/2024 - 04:15 PM

$11.00 Offer Represents $0.75 Per Share Increase in Offer Price to May 7, 2024 Tender Offer

NEW YORK, June 26, 2024 /PRNewswire/ -- Bellevue Capital Partners, LLC ("Bellevue") announced today that it has increased the purchase price of its previously announced tender offer to purchase up to 125,000 shares of American Strategic Investment Co. (NYSE: NYC) ("ASIC") common stock from the previous purchase price of $10.25 to an increased purchase price of $11.00 per share (the "Tender Offer"). The Tender Offer will close on July 5, 2024.

Bellevue is making this offer at a 90% premium to the May 3, 2024 closing price because of its continued confidence in ASIC's portfolio and underlying assets. Bellevue further believes in the previously announced expanded investment strategy that ASIC is pursuing and in the long-term value of ASIC's common stock. The 90% premium to the May 3, 2024 closing stock price reflects Bellevue's belief in the long-term performance of ASIC and its portfolio of assets.

The Tender Offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase and the related Letter of Transmittal. The Tender Offer will expire at 5:00 PM, New York City time, on July 5, 2024, unless extended or earlier terminated by Bellevue (the "Expiration Date"). Tenders of common stock may be withdrawn at any time at or prior to 5:00 PM, New York City time, on July 5, 2024, but may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the new tender offer price for ASIC shares by Bellevue Capital Partners?

The new tender offer price for ASIC shares is $11.00 per share.

When will Bellevue Capital Partners' tender offer for ASIC shares expire?

The tender offer will expire on July 5, 2024.

How much of a premium is Bellevue Capital's tender offer compared to ASIC's May 3, 2024, closing price?

The tender offer represents a 90% premium to ASIC's May 3, 2024, closing price.

How many shares of ASIC is Bellevue Capital Partners targeting in the tender offer?

Bellevue Capital Partners is targeting up to 125,000 shares of ASIC.

Can shareholders withdraw their tendered shares before the offer expires?

Yes, shareholders can withdraw their tendered shares before 5:00 PM on July 5, 2024.

BELLEVUE CAPITAL PARTNERS, LLC INCREASES THE PURCHASE PRICE FOR ITS PREVIOUSLY ANNOUNCED TENDER OFFER FOR SHARES OF AMERICAN STRATEGIC INVESTMENT CORP.