Followers | 241 |
Posts | 12236 |
Boards Moderated | 1 |
Alias Born | 04/05/2009 |

Tuesday, February 06, 2024 10:29:36 AM
ST. JAMES, N.Y., Feb. 06, 2024 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (“Gyrodyne” or the “Company”) (NASDAQ: GYRO), an owner and manager of a diversified portfolio of real estate properties, today announced the commencement of the subscription period of its rights offering.
As previously announced, the Company intends to raise up to $5 million in aggregate gross proceeds by way of a rights offering in which its existing shareholders as of the record date of January 29, 2024 will be granted rights to purchase shares of the Company’s common stock (the “Rights Offering”).
The Company filed a registration statement (File No. 333-276312) (the “Registration Statement”) with respect to the proposed Rights Offering with the Securities and Exchange Commission (the “SEC”) on December 29, 2023.
In the Rights Offering, the Company will distribute to holders of Gyrodyne’s common shares non-transferable subscription rights to purchase up to an aggregate of 625,000 shares of common stock at a subscription price of $8.00 per share. Each right consists of a basic subscription privilege and an oversubscription privilege. The rights under the basic subscription privilege will be distributed in proportion to shareholders’ holdings on the Record Date. Shareholders will receive one subscription right for each five shares held. Each whole subscription right gives the shareholders the opportunity to purchase two of the Company’s common shares for $8.00 per share. If a shareholder exercises his or her basic subscription right in full, and other shareholders do not, such shareholder will be entitled to an oversubscription privilege to purchase a portion of the unsubscribed shares at the subscription price, subject to proration and certain limitations.
The Company expects to use the net proceeds received from the rights offering to complete the pursuit of entitlements on the Company’s Flowerfield and Cortlandt Manor properties, for litigation fees and expenses in the Article 78 proceeding against the Company, for property purchase agreement negotiation and enforcement, for necessary capital improvements in the Company’s real estate portfolio, and for general working capital.
The subscription rights are exercisable until 5:00 p.m., New York City time, on March 7, 2024. Gyrodyne may extend the rights offering period for additional periods ending no later than April 6, 2024 or cancel the rights offering at any time for any reason.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 2, 2024.
About Gyrodyne
Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties in the New York metropolitan area. The Company owns a 63-acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property, and a medical office park in Cortlandt Manor, New York, both of which are the subject of plans to seek value-enhancing entitlements. The Company's common shares are traded on the NASDAQ Capital Market under the symbol GYRO. Additional information about the Company may be found on its web site at www.gyrodyne.com.
Additional Information and Where to Find It
The Company has filed the Registration Statement (including a prospectus) with the SEC for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
No Offer or Solicitation
This press release shall not constitute an offer, nor a solicitation of an offer, of the sale or purchase of securities, nor shall any securities of the Company be offered or sold in any jurisdiction in which such an offer, solicitation or sale would be unlawful. It is an outline of matters for discussion only. Neither the SEC nor any state securities commission has approved or disapproved of the transactions contemplated hereby or determined if this document is truthful or complete. Any representation to the contrary is a criminal offense. In connection with the Rights Offering transaction discussed herein, the Registration Statement was filed with the SEC on December 29, 2023. Shareholders of the Company are urged to read the Registration Statement and the documents incorporated by reference therein before making any investment decision with respect to the Rights Offering because they will contain important information regarding the proposed Rights Offering transaction. You should not construe the contents of this press release as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein.
Contact Data
Alternatively, you may obtain copies of the prospectus, by contacting Mackenzie Partners, Inc., the information agent for the offering, at:
Mackenzie Partners, Inc.
1407 Broadway, 27th Floor
New York, NY 10018
Call toll-free: (800) 322-2885
E-mail: proxy@mackenziepartners.com
https://www.globenewswire.com/news-release/2024/02/06/2824454/0/en/GYRODYNE-ANNOUNCES-COMMENCEMENT-OF-RIGHTS-OFFERING.html
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
Recent GYRO News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/19/2024 09:03:04 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/14/2024 10:10:48 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/16/2024 11:01:19 AM
- New York Supreme Court Rules in Favor of Gyrodyne in Article 78 Proceeding • GlobeNewswire Inc. • 10/16/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/11/2024 02:30:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/07/2024 03:30:12 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 09/09/2024 05:07:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/09/2024 05:02:37 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 02:31:24 PM
- GYRODYNE ANNOUNCES CLOSING OF SUCCESSFUL, OVERSUBSCRIBED RIGHTS OFFERING • GlobeNewswire Inc. • 03/08/2024 10:07:00 PM
COEPTIS Announces the Launch of COEP Venture Group to Invest in AI, RPA, and AI Agent Startups • COEP • Feb 13, 2025 9:10 AM
Unitronix Corp. to Report Over 300% Gains in Cryptocurrency Assets • UTRX • Feb 13, 2025 7:15 AM
Hivello Token ($HVLO) now Live • MATE • Feb 11, 2025 9:27 AM
Animoca Brands leads Hivello funding round ahead of Token Listing • MATEF • Feb 10, 2025 10:20 AM
51 Labs Expands Sports Nutrition Line with Five New Innovative Products, Company in final phase of name and ticker symbol change • CAFI • Feb 10, 2025 9:00 AM
UAV Corp. Expanding in the Global UAV Market, Projected to Exceed $58 Billion by 2027, with Increasing Government and Commercial Sector Adoption • UMAV • Feb 6, 2025 8:30 AM