Empire Resorts’ Rights Offering Expires on Its Terms
04 February 2015 - 12:59AM
Business Wire
Empire Resorts, Inc. (NASDAQ-GM:NYNY) announced that the
Company’s rights offering launched on January 5, 2015 expired
pursuant to its terms at 5:00 p.m., New York City time, on February
2, 2015. In accordance with a standby purchase agreement executed
by the Company and Kien Huat Realty III Limited (“Kien Huat”), the
Company’s largest stockholder, in relation to the rights offering,
Kien Huat has agreed to exercise all rights not otherwise exercised
by the other holders in the rights offering in an aggregate amount
not to exceed $50 million. The Company will pay Kien Huat a
commitment fee of $250,000 pursuant to the standby purchase
agreement. In addition, the Company will reimburse Kien Huat for
its expenses related to the standby purchase agreement in an amount
not to exceed $40,000. The consummation of the transactions
contemplated by the standby purchase agreement is anticipated to
occur on or before February 9, 2015, subject to customary closing
conditions.
The Company distributed to its common stock holders and Series B
Preferred Stock holders one non-transferable right to purchase one
share of common stock at a subscription price of $7.10 per share
for each 5.6 shares of common stock owned, or into which their
Series B Preferred Stock was convertible, on January 2, 2015, the
record date for the offering. In addition to being able to purchase
their pro rata portion of the shares offered based on their
ownership as of January 2, 2015, stockholders were permitted to
oversubscribe for additional shares of common stock. Holders of
rights were permitted to exercise their subscription rights to
purchase additional shares of our common stock at the subscription
price per share until prior to 5:00 p.m., New York City time, on
February 2, 2015. Subscription rights not exercised by such time
and date expired and have no value.
Registration Statement
The Company has filed a registration statement (including a
prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents the
Company 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.
Alternatively, the Company or our information agent, Morrow &
Co., LLC, will arrange to send you the prospectus if you request it
by calling (855) 201-1081.
Cautionary Statement Regarding Forward Looking
Information
Statements in this press release that are not historical facts
are “forward-looking statements” that may involve material risks
and uncertainties. The company wishes to caution readers not to
place undue reliance on such forward-looking statements, which
statements are made pursuant to the Private Securities Litigation
Reform Act of 1995, and as such, speak only as of the date made.
For a full discussion of risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see “Risk Factors” in the company’s
registration statement on Form S-3 and the prospectus relating to
the rights offering, dated January 5, 2015.
About Empire Resorts
Empire Resorts owns and operates, through its subsidiary
Monticello Raceway Management, Inc., the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York, and is 90 miles from midtown Manhattan. Further
information is available at www.empireresorts.com and
www.montreign.com.
Empire Resorts, Inc.Charles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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