NEW YORK, March 2, 2015 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the "Company") (NYSE:ORC) announced today that it has filed a prospectus supplement under which it may from time to time sell up to $100 million of shares of its common stock through an at-the-market program. The shares of common stock may be offered through Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), and Mitsubishi UFJ Securities (USA), Inc., as sales agents.
Sales are anticipated to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. Sales also may be made in negotiated transactions. The Company intends to add the net proceeds from sales of the shares of common stock under the program to its general corporate funds, which it may use for new investments in accordance with its investment policy in place at the time of such sales, to repay indebtedness or other general corporate purposes.
The shares of common stock sold under the program will be offered under the Company's existing shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission ("SEC"). The offering of these shares under the program will be made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the SEC. Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained by contacting Ladenburg Thalmann & Co. Inc., 570 Lexington Ave., 11th Floor, New York, NY 10022, or by email at firstname.lastname@example.org, or Mitsubishi UFJ Securities (USA), Inc., 1633 Broadway, New York, New York 10019, or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the offered shares of common stock or any other securities, nor shall there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests in Agency RMBS that are either traditional pass-through Agency RMBS or structured Agency RMBS. Orchid Island Capital, Inc. has elected to be taxed as a real estate investment trust for federal income tax purposes.
Forward Looking Statements Disclaimer
This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including with regard to the Company's potential sales of common stock under the at-the-market program described above and the intended use of proceeds from such sales. Forward-looking statements typically are identified by use of the terms such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. No assurance can be given that any or all of the common stock offered under the program will be sold. Sales of the common stock under the program will be subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to us. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Orchid Island Capital, Inc. Robert E. Cauley, 772-231-1400 Chairman and Chief Executive Officer www.orchidislandcapital.com
Source:Orchid Island Capital