Seaport Entertainment Group (NYSE:SEG) has announced a $175M rights offering to buy up to 7M shares of its common stock.
The rights offering will enable stockholders as of the record date (September 20, 2024) to subscribe for their basic subscription amount of newly issued shares of the company’s common stock in proportion to their respective existing ownership amounts.
The company will distribute to each holder as of September 20, transferable subscription rights to purchase shares of the company’s common stock at a subscription price of $25.00 a share.
Each record date stockholder will be issued one right for each outstanding share of the company’s common stock owned on the record date.
Each right will entitle the holder to purchase a number of new shares of common stock equal to 7M divided by the number of shares outstanding on the record date.
The company expects to use the proceeds from the offering for general operating, working capital and other corporate purposes.
The offering will be backstopped by Pershing Square Capital Management, L.P., through investment funds advised by it.
Shares of Seaport Entertainment Group (SEG) were down 2.52% premarket on Tuesday.
