Waterside Capital Corporation Announces Closing of Stock Rights Offering Stock Rights Offering Results in $1.835 Million in Gross Proceeds to the

Company



    NORFOLK, Va., May 11 /PRNewswire-FirstCall/ -- Waterside Capital Corp.
 (Nasdaq:   WSCC), A SMALL BUSINESS INVESTMENT COMPANY (SBIC) announced today
 that the Stock Rights Offering (that was available to existing shareholders
 only) resulted in the issuance of 458,873 additional shares of common stock
 and gross proceeds to the company of $1.835 million before deducting
 expenses. The company anticipates using the net proceeds of this offering
 to make investments in new investment portfolio companies. Based on
 preliminary calculations, 330,109 shares were subscribed for in the basic
 subscription rights portion of the Rights Offering and 128,764 shares were
 subscribed for in the over-subscription portion of the Rights Offering. The
 company will deliver to subscribing rights holders, certificates
 representing the shares of company common stock purchased in the Rights
 Offering as soon as practical.
     Following consummation of the Rights Offering, the company will have
 1,915,548 shares of common stock outstanding.
                            About Waterside Capital
     Waterside Capital Corporation is a Small Business Investment Company
 (SBIC), headquartered in Norfolk, Virginia with a portfolio of
 approximately $32.5 million of loans and investments in twenty companies
 located primarily in the Mid-Atlantic region.
     Visit Waterside's web site at http://www.watersidecapital.com
     Except for historical information, all of the statements, expectations
 and assumptions contained in the foregoing are "forward-looking statements"
 including Waterside's optimism regarding the growth of its portfolio
 companies (within the meaning of the Private Securities Litigation Reform
 Act of 1995) that involve a number of risks and uncertainties. It is
 possible that the assumptions made by management -- including, but not
 limited to, investment opportunities, results, performance or expectations
 -- may not materialize. Actual results may differ materially from those
 projected or implied in any forward-looking statements. In addition to the
 above factors, other important factors including the risks associated with
 the performance of the Company's portfolio companies, dependencies on key
 employees, delays, interest rates, the level of economic activity, and
 competition, as well as other risks described from time to time in the
 Company's filings with the Securities and Exchange Commission, press
 releases, and other communications.
 
 

SOURCE Waterside Capital Corporation

Best of Content We Love 2014 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.