Seeking to Raise Up to $10 million Through Non-Convertible Preferred Stock Offering to Expand Portfolio of Manufactured Housing Properties
CHARLOTTE, NC / ACCESSWIRE / November 4, 2019 / Manufactured Housing Properties Inc. (OTC PINK:MHPC), which acquires, owns, and operates manufactured housing communities, today announced that it has received on November 1, 2019 a notice of qualification from the Securities and Exchange Commission of its Regulation A Offering Statement to raise up to $10 million through the sale of its non-convertible Series B Cumulative Redeemable Preferred Stock. The Company is offering a maximum of 1,000,000 shares of Series B Preferred Stock at an offering price of $10.00 per share.
The first 400 investors will receive, in addition to Series B Preferred Stock, 100 shares of Common Stock, regardless of the amount invested, for a total of 40,000 shares of Common Stock. The minimum investment is $5,000. The Series B Preferred Stock is expected to pay cash dividends of $0.067 per share each month, which is equivalent to 8% per year. Commencing on the 5th anniversary of the initial closing of this Offering and continuing indefinitely thereafter, MHPC shall have a right to call for redemption the outstanding shares of the Series B Preferred Stock at a call price equal to 150% of the original issue price of the Series B Preferred Stock, and correspondingly, each holder of shares of the Series B Preferred Stock shall have a right to put the shares of Series B Preferred Stock held by such holder back to MHPC at a put price equal to 150% of the original issue purchase price of such shares. The Offering will close on a rolling basis, subject to customary closing conditions.
"The qualification of our Regulation A Offering is a significant milestone for our Company and shareholders, as we look to grow our portfolio of manufactured housing properties by executing on our acquisition pipeline throughout the southeast region" said Raymond M. Gee, Chairman of the Board, and Chief Executive Officer.
Michael Z. Anise, President and Chief Financial Officer added, "Our management team has proven and extensive commercial real estate experience. We focus on manufactured housing properties, due to the consistent and attractive risk adjusted returns and the increasing demand for affordable housing throughout the United States of America. We continue to identify strategic acquisition opportunities to maximize value and returns to our investors."
Digital Offering, LLC will act as the lead underwriter for the Offering. Cambria Capital, LLC will act as a soliciting dealer and work through its online offering platform My IPO (www.myipo.com).
individuals interested in learning more about the MHPC Regulation A investment opportunity can invest now at www.myipo.com. For additional information on MHPC, the Offering and any other related topics, please review the Form 1-A Offering Circular that can be found at the SEC's website at the following address https://www.sec.gov/cgi-bin/browse-edgar?company=manufactured+housing+properties&owner=exclude&action=getcompany
About Manufactured Housing Properties Inc.
Manufactured Housing Properties Inc., together with its affiliates, acquires, owns, and operates manufactured housing communities. The Company focuses on acquiring and operating value-add manufactured home communities in high growth markets.
Michael A. Anise
President and Chief Financial Officer
(980) 273-1702 ext. 244
SOURCE: Manufactured Housing Properties Inc.