American Strategic Investment Co. (NYSE: NYC) (“NYC” or the “Company”) announced today the final results of its non-transferable rights offering (the “Rights Offering), which entitled holders of rights to purchase 0.20130805 of a share of the Company’s Class A common stock, par value $0.01 per share, (the “Common Stock”) for every right held at a subscription price of $12.95 per whole share. The Rights Offering expired on February 22, 2023 at 5:00 p.m., Eastern Time.
The Company received net subscription requests (including over-subscription requests) for 386,100 shares of Common Stock. Accordingly, the Company raised aggregate gross proceeds of approximately $5.0 million in the Rights Offering. The Company issued the 386,100 shares of Common Stock subscribed for in the Rights Offering on February 27, 2023.
“We are extremely pleased with the results of the recently completed rights offering,” said Michael Weil, CEO of ASIC. “This is a clear indication of the confidence in our portfolio and our expanded strategy. We believe the participants see the long-term value of our common stock and the successful transaction marks a crucial milestone for American Strategic Investment Co. as we continue to diversify our portfolio and pursue new opportunities to generate revenue for our shareholders.”
The Company intends to use the net proceeds from the sale of shares of its Common Stock in the Rights Offering in a variety of ways including for general corporate purposes or to purchase additional properties, businesses and other assets that may generate non-real estate investment trust qualifying income.
B. Riley Securities acted as the dealer manager in connection with the Rights Offering.