Trinity Place Holdings Inc (TPHS) has released an update.
On February 14, 2024, Trinity Place Holdings Inc. finalized a series of significant financial transactions as part of a Stock Purchase Agreement established on January 5, 2024. This included the JV Investor acquiring a 5% interest in TPHGreenwich Holdings LLC and becoming the initial manager, the hiring of TPH Asset Manager by the JV, and a reshuffling of credit and loan agreements to extend maturity dates and alter loan amounts. Additionally, the Company’s stockholders approved the issuance of over 25 million shares of common stock to the Company Investor. These strategic moves aim to restructure the company’s assets and liabilities, with the details receiving shareholder consent and being publicly announced in a press release on February 20, 2024.
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