AmBase Corporation (ABCP) has released an update.
AmBase Corporation is launching a private placement offering of its common stock to raise approximately $8.8 million in order to continue operations and fund ongoing litigation related to the 111 West 57th Property. The offering, priced at $0.20 per share, is exclusive to accredited investors who are current stockholders as of a specified record date. The company has also arranged a standby purchase agreement with an affiliate to ensure all offered shares are purchased if necessary. Proceeds are expected to cover existing obligations and other financial needs, although there is no assurance of the offering’s completion or its ability to fully meet future funding requirements.
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