Manhattan Bridge Capital, Inc. Announces the Buy-back of up to 100,000 of its Common Shares
April 11 2023 - 8:00AM
Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced that its
Board of Directors has authorized a common stock repurchase plan
allowing the buyback of up to 100,000 common shares in market or
off-market transactions at prevailing prices over the next twelve
months.
The manner, timing and number of shares
purchased will be at the Company’s discretion. Assaf Ran, Chairman
of the Board and CEO stated, “Unfortunately the market reacted
negatively to the recent news and market conditions related to our
company, and our share price decreased. I strongly believe in the
strength of our portfolio and I believe that the recent decline in
our share price has generated an opportunity for the company to buy
back its common shares at the current market price. I believe that
the best investment for us right now is the investment in our own
company,” added Mr. Ran.
About Manhattan Bridge Capital,
Inc.
Manhattan Bridge Capital, Inc. offers short-term
secured, non–banking loans (sometimes referred to as ‘‘hard money’’
loans) to real estate investors to fund their acquisition,
renovation, rehabilitation or improvement of properties located in
the New York metropolitan area, including New Jersey and
Connecticut, and in Florida. We operate the web site:
https://www.manhattanbridgecapital.com.
Forward Looking Statements
This press release and the statements of the
Company’s representatives related thereto contain or may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the generality of the foregoing, words
such as “plan,” “project,” “potential,” “seek,” “may,” “will,”
“expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,”
or “continue” are intended to identify forward-looking statements.
For example, when we discuss the potential repurchase of our shares
and such repurchase being the best investment for our company, we
are using forward-looking statements. Readers are cautioned that
certain important factors may affect the Company’s actual results
and could cause such results to differ materially from any
forward-looking statements that may be made in this news release.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties. Actual results may differ
materially from those projected, expressed or implied in the
forward-looking statements as a result of various factors,
including but not limited to the following: (i) our loan
origination activities, revenues and profits are limited by
available funds; (ii) we operate in a highly competitive market and
competition may limit our ability to originate loans with favorable
interest rates; (iii) our Chief Executive Officer is critical to
our business and our future success may depend on our ability to
retain him; (iv) an increase in interest rates may impact our
profitability; (v) if we overestimate the yields on our loans or
incorrectly value the collateral securing the loan, we may
experience losses; (vi) we may be subject to “lender liability”
claims; (vii) our due diligence may not uncover all of a borrower’s
liabilities or other risks to its business; (viii) borrower
concentration could lead to significant losses and (ix) we may
choose to make distributions in our own stock, in which case you
may be required to pay income taxes in excess of the cash dividends
you. The risk factors contained in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2022 filed with the
Securities and Exchange Commission identify important factors that
could cause such differences. These forward-looking statements
speak only as of the date of this press release, and we caution
potential investors not to place undue reliance on such statements.
We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
Contacts:
Assaf Ran, CEO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital (NASDAQ:LOAN)
Historical Stock Chart
From Apr 2024 to May 2024
Manhattan Bridge Capital (NASDAQ:LOAN)
Historical Stock Chart
From May 2023 to May 2024