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Tag: Loan

  • Manhattan Bridge Capital Inc (LOAN) stock plunged in the current trading session; here’s why

    Manhattan Bridge Capital Inc (LOAN) stock plunged in the current trading session; here’s why

    Manhattan Bridge Capital Inc. (LOAN) stock shares showed a plunge in the current trading session by a percentage of -16.25% and at the price of $6.65 at the last check. LOAN stock previously closed the session at $7.94. The LOAN stock volume traded 0.54 million shares, while for the past 50 days the average daily volume was 39737.0 shares which is lower than today’s remaining shares. Manhattan Bridge Capital is currently valued in the market at $76.46 million and has 9.62 million outstanding shares.

    What you need to know about Manhattan Bridge Capital Inc.

    Manhattan Bridge Capital Inc. is a Real Estate Investment Trust (REIT) that focuses on having a profile of real estate finance and loaning services. The company manages and organizes a portfolio of first mortgage loans in the United States. The type of loans that LOAN stock provides is usually short term and secured loans that have no banking affiliation for the investors that are interested in funding and investing in their real estate projects. These real estate projects could include acquisition, renovation, rehabilitation as well as upgrades. These services are provided primarily for properties that exist in the New York metropolitan area, including New Jersey, Connecticut as well as Florida. The guarantees and security for these funds and loans are mainly secured through collateral which includes personal guarantees through the borrower’s principals as well as real estate assets. The company states that it is not subject to income taxes of the federal corporate kind by distributing 90% of its taxable income to its stockholders. The origins of the LOAN stock date back to 1989 and has its headquarter established in the Great Neck of New York.

    Manhattan Bridge Capital Inc. proposes an public offering for common shares

    On 6th July 2021, Manhattan Bridge Capital Inc. had announced that it was allowing a proposed public offering for the LOAN stock’s common shares. This underwritten public offering consists of a volume of 1,875,000 common shares of the company. These shares are priced at a par value of $0.001 per share while at a public price of $7.20 per share. The underwriting provides an offering that allows the underwriter to purchase 281,250 additional common shares in the 30-day option period in the public offering at the same price. This is subject to the underwriting discounts and commissions for the covering of any over-allotment.

    The main reason for extending this public offering is so that LOAN stock can use the proceeds and capital to fund the over-extending and outstanding balance of the company’s existing credit line. The remaining amount (if remained) would then be exercised for the funding of general corporate purposes, working capital loan as well as increase its loan portfolio.

    The date set for the closing of this offering is 9th July 2021 in which B. Riley Securities Inc. has been placed as the solo book running manager for the offering. The company states that it is expecting to receive gross proceeds of $13,500,000 after which it will deduct the underwriting discounts as well as commissions and expenses.

  • Broadway Financial Corp. (BYFC) Stock Plummets After Falling Out of Favor with Hedge Funds

    Broadway Financial Corp. (BYFC) Stock Plummets After Falling Out of Favor with Hedge Funds

    Broadway Financial Corp. (BYFC) stock prices were down by a concerning 16.3234% shortly after market trading commenced on June 17th, 2021, bringing the price per share down to USD$2.8199 early on in the trading day.

    Merger with CFBanc Financial

    The company completed its merger with CFBanc Financial Corp., with Broadway Financial Corp. continuing on as the sole surviving entity. Immediately after the execution of the merger, Broadway Bank merged with and into City First Bank of D.C., with the latter surviving as a surviving entity which concurrently changed its name to City First Bank, National Association.

    Private Placement

    Subsequent to the merger, the company completed the sale of 18,474,000 shares of its common stock in private placements with both institutional and accredited investors. The private placements saw the generation of USD$32.9 million in gross proceeds. The combination of the merger and the completion of the private placement has seen a significant increase in the company’s total equity capitalization and growth potential, as well as facilitating increased lending to communities that report low-to-moderate incomes.

    Consolidated Net Loss

    The first quarter of the fiscal year 2021 saw the company report a consolidated net loss of USD$3.5 million, representing a consolidated net loss of USD$0.13 per share. This significant year-over-year increase in net loss is primarily driven by merger related expenses amounting to USD$5.4 million. Of this total, USD$3.4 million were severance and other compensation costs, USD$1.8 million were professional service expenses, and USD$213,000 in costs arising from insurance deals.

    Total Assets

    As of March 31st, 2021, BYFC reported total assets in the amount of USD$479.6 million, a USD$3.8 million decrease from the USD$483.4 million reported as of December 31st, 2020. This year-over-year difference is largely attributable to decreases in cash and cash equivalents, amounting to USD$8 million, and investment securities available-for-sale of USD$675,000. These developments were offset by increases in loans receivable held for investment of USD$2.4 million, deferred tax assets of USD$1.5 million, and USD$1.2 million of other assets.

    Future Outlook for BYFC

    Armed with a solid liquidity position, BYFC is poised to return to its trajectory of success. The company is keen to reverse recent downwards trends in its equity value with the effective allocation of resources. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • Here’s Why Eastman Kodak Company (NYSE: KODK) Stock Dropping On Monday

    Here’s Why Eastman Kodak Company (NYSE: KODK) Stock Dropping On Monday

    Shares of Eastman Kodak Company (NYSE: KODK) went down 4.30% on Monday after an investor right firm has reminded KODAK investors of the important Tuesday deadline in Securities class action. The lawsuit has demanded the damages for KODAK investors under the federal securities law.

    As per the lawsuit, the defendants had made a series of false statements and failed to reveal material information regarding the business and operations of Eastman Kodak Company, which were known to the defendants or carelessly ignored by them.

    The lawsuit stated that the defendants have awarded the several insiders millions of dollars’ worth of stock options before the company has disclosed that it had got a $765 million loan from the U.S. International Development Finance Corporation to make drugs to treat COVID-19. This action of the defendant will obviously excite the stocks of Kodak once the deal would be announced.

    The lawsuit also claimed that the insiders who already have information regarding the loan from the U.S. International Development Finance Corporation have immediately bought tens of thousands of Kodak shares before the announcement at a price they knew would increase after the announcement of the loan will be public. Because of this, the defendant has made various false statements regarding the company’s business, and operations.

    Defendants artificially excited the stock price of the company throughout the Class Period and made investment decisions based on material, nonpublic information derived from their positions at Kodak. When the true details were revealed in the market, the lawsuit states that investors suffered huge damages.

    Shares of Eastman Kodak Company (NYSE: KODK) traded down 4.30% as it lost -0.43 on the trading session of Monday. It has a 52-weeks low range of $1.50 and a 52-weeks high range of 60.00. This company has traded up 538.67% from its 52-weeks low and moved down -84.03% from its 52-weeks high. Looking at its profitability its has a return on assets of -15.605%, return on equity of -377.70%, and return on investment of -63.30%. This company has a total market capitalization of $640.14 million at the time of writing.