AVENTURA, Fla., Dec. 26, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) ("Trade Street" or the "Company"), announced today the commencement of its previously announced $100 million fully-backstopped common stock rights offering ("Rights Offering") to its stockholders. Under the terms of the rights offering, the Company will distribute at no charge to the holders of its common stock on December 16, 2013, the record date for the rights offering, one transferable right for every share of common stock owned. Each right will entitle the holder to purchase 1.3775 shares of common stock at a subscription price of $6.33 per share. The rights offering will expire at 5:00 p.m., New York City time, on January 10, 2014, unless extended by the Board of Directors. The rights will trade on the NASDAQ Global Market ("NASDAQ") under the symbol "TSRER" during the period commencing on December 26, 2013 and ending on January 9, 2014. The Company will voluntarily delist the rights on the NASDAQ on January 9, 2014 in order to allow trades in the rights to settle and purchasers of rights to exercise their subscription rights prior to the expiration of the Rights Offering on January 10, 2014. Because the rights will cease trading on the NASDAQ on January 9, 2014, the rights will not trade on the NASDAQ during any extension period.
Rights holders who fully exercise their basic subscription rights will be entitled to subscribe, subject to certain limitations and subject to allotment, for additional shares that remain unsubscribed as a result of any unexercised rights.
A registration statement with respect to the rights and the shares of common stock to be issued upon exercise of the rights has been declared effective by the Securities and Exchange Commission (the "SEC"). Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. A copy of the most recent prospectus included in the registration statement can be accessed on our website at ir.tradestreetresidential.com/rights.cfm. The offering may be made only by means of a prospectus, copies of which may be obtained from the information agent, AST Phoenix Advisors, at (866) 620-8437.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Trade Street Residential, Inc.
Trade Street Residential, Inc. is a full service, vertically integrated, self-administered and self-managed real estate investment trust focused on acquiring, owning, operating and managing conveniently located, garden-style and mid-rise apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States and Texas.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements related to the offering and the expected use of the net proceeds therefrom, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases, which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled "Risk Factors" in the Company's prospectus relating to the Rights Offering.
CONTACT: Investor Relations: Stephen Swett 786-248-6099 firstname.lastname@example.orgSource:Trade Street Residential, Inc.