Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Mon, November 11, 5:06 PM
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Slide #2. Reven Housing REIT, Inc. — Preferred Stock Offering
Reven Housing REIT, Inc. (NASDAQ:RVEN)
Preferred Stock Offering Details:
Reven Housing REIT, Inc. ("Reven" or the "Company") (Nasdaq: RVEN) announced today that it intends to offer up to $15 million of its newly authorized 6.0% Series A Cumulative Convertible Redeemable Preferred Stock (the "Series A Preferred Stock") to its stockholders who are accredited investors pursuant to Rule 506(c) of the Securities Act of 1933, as amended (the "Securities Act"). The closing of the offering of Series A Preferred Stock (the "Offering") will be conditioned, among other things, on Reven's acceptance of a minimum of $10 million in subscriptions for the Series A Preferred Stock and is expected to occur (if at all) as promptly as practicable following the closing of Reven's merger (the "Merger") with an affiliate of KBS Strategic Opportunity REIT, Inc. (the "Acquirer") under the previously announced Agreement and Plan of Merger with certain affiliates of the Acquirer (as amended, the "Merger Agreement").
Reven Housing REIT is a holding company. Through its subsidiaries, Co. is engaged in the acquisition, ownership and operation of portfolios of leased single-family homes in the United States. Co. operates its portfolio properties as single family rentals. Co. owns homes in the Houston, TX metropolitan area, Jacksonville, FL metropolitan area, Memphis, TN metropolitan area, Birmingham, AL metropolitan area, Oklahoma City, OK metropolitan area, and Atlanta, GA metropolitan area.
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