Key Developments For MHI Hospitality Corporation
MHI Hospitality Corporation (MDH.O) (Consolidated Issue listed on NASDAQ Global Market)
MHI Hospitality Corporation Announces Completion Of Rights Offering
MHI Hospitality Corporation announced the offering period of its rights offering expired on November 30, 2009. In connection with the rights offering, the Company previously offered non-transferable rights to purchase 4,337,244 shares of its common stock at a purchase price of $1.60 per share to stockholders of record as of October 14, 2009. In accordance with the terms of the rights offering, subscription rights that were not exercised by November 30, 2009 have expired. As a result of the offering, the Company has issued 2,132,021 new shares of common stock and will receive gross proceeds of approximately $3.4 million. The proceeds from the rights offering, after payment of fees and expenses incurred in connection therewith, will be used for additional working capital, which may be used for reducing or purchasing the Company's indebtedness, and other general corporate purposes.
MHI Hospitality Corporation Announces Effectiveness Of Registration Statement For Rights Offering
MHI Hospitality Corporation announced that the registration statement on Form S-3 for its previously announced rights offering was declared effective on October 28, 2009 by the Securities and Exchange Commission. Pursuant to the rights offering, each stockholder as of the October 14, 2009 record date will receive one subscription right for each share of common stock owned on the record date, and each right will entitle the rights holder to purchase one share of the Company's common stock (the basic subscription privilege) at a subscription price equal to $1.60 per share. The proposed rights offering also will include an over-subscription privilege which will entitle rights holders that exercise their basic subscription privilege in full to purchase shares not purchased by other subscription rights holders at the same subscription price of $1.60 per share (the over-subscription privilege). The total number of shares issuable upon exercise of both the basic subscription privilege and over-subscription privilege is subject to reduction by the Company so that the aggregate market value of the common stock issued pursuant to the rights offering does not exceed $6.9 million, the limitation applicable to the Company's use of Form S-3.
MHI Hospitality Corporation Suspends Guidance
MHI Hospitality Corporation announced that due to ongoing unpredictable macro-economic and hospitality market conditions and their potential impact on the Company's markets and customer base, management has elected to suspend providing guidance regarding projected financial performance for the near term.
MHI Hospitality Corporation Announces Extension Of Record Date For Proposed Rights Offering
MHI Hospitality Corporation announced that it has extended the record date of its proposed rights offering to October 14, 2009. The Company had filed a registration statement on Form S-3 (the Registration Statement) with the Securities and Exchange Commission for the proposed rights offering relating to non-transferable subscription rights to purchase shares of the Company's common stock, par value $0.01 per share. The terms of the rights offering will be included in the final prospectus.
MHI Hospitality Corporation Announces Proposed Rights Offering
MHI Hospitality Corporation announced that it has filed a registration statement on Form S-3 (the Registration Statement) with the Securities and Exchange Commission for a proposed rights offering relating to non-transferable subscription rights to purchase shares of the Company's common stock at a par value of $0.01 per share. The Company has fixed October 12, 2009 as the record date for determining the stockholders who will receive subscription rights. The terms of the rights offering will be included in the final prospectus.
