Legacy Housing Corp. Announces Exercise of Over-Allotment Option & Principal Investment from B. Riley FBR, Inc.
17 January 2019 - 12:02AM
Legacy Housing Corporation (NASDAQ: LEGH) today announced the
closing of the issuance of an additional 600,000 shares of its
common stock at the initial public offering price of $12.00 per
share, less the underwriting discount, pursuant to the exercise in
full of the underwriters’ option to purchase additional shares to
cover over-allotments in connection with the Company’s initial
public offering. The Company has now sold a total of
4,600,000 shares in connection with the IPO, raising gross proceeds
of approximately $55,200,000. The offering was made through
an underwriting group led by B. Riley FBR, Oak Ridge Financial and
National Securities Corporation, which acted as joint book-running
managers for the offering.
Separately, in a privately negotiated transaction, B. Riley FBR,
Inc. has agreed to purchase 250,000 shares of the Company’s common
stock from Dechomai Asset Trust, a current stockholder of the
Company, at a price of $12.50 per share. The shares will be held by
B. Riley FBR for its own principal investment. The Company
willnot receive any proceeds from the sale of these shares by the
selling stockholder.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or 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 jurisdiction.
About Legacy Housing Corporation Legacy Housing
Corporation builds, sells and finances manufactured homes and "tiny
houses" that are distributed through a network of independent
retailers and company-owned stores and are sold directly to
manufactured housing communities. We are the fourth largest
producer of manufactured homes in the United States as ranked by
number of homes manufactured based on information available from
the Manufactured Housing Institute and IBTS for the second quarter
of 2018. With current operations focused primarily in the southern
United States, we offer our customers an array of quality homes
ranging in size from approximately 390 to 2,667 square feet
consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes
range in price, at retail, from approximately $22,000 to
$95,000.
Investor Inquiries:
Neal Suit (817) 799-4906 investors@legacyhousingcorp.com Or
Media Inquiries:Casey Mack (817) 799-4904
pr@legacyhousingcorp.com
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