Seaport Entertainment Commences Previously Announced $175M Rights Offering To Purchase Up To 7M Shares Of Its Common Stock
Portfolio Pulse from Benzinga Newsdesk
Seaport Entertainment has initiated a $175M rights offering to purchase up to 7M shares of its common stock, backed by Pershing Square. Pershing Square will exercise its subscription rights and purchase any remaining shares to ensure the offering raises $175M.
September 23, 2024 | 8:17 pm
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Seaport Entertainment has commenced a $175M rights offering to purchase up to 7M shares, with Pershing Square backing the offering. This move is likely to stabilize or increase SEG's stock price due to the financial backing and commitment from Pershing Square.
The rights offering is fully backed by Pershing Square, which indicates strong financial support and confidence in Seaport Entertainment. This backing reduces the risk of the offering not being fully subscribed, which is positive for SEG's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100