I can't find any news except all REITS are down from interest rates. This has sold off straight down from 178 or when it reported earnings. Great company but getting killed everyday
Read very closely about convertible debt offering! They might not issue new stock but at low interest rates they could do a convertible debt offering with a significant equity component. This would also drive down the stock price. The only fact we all know is that they need cash. How will they raise it? I bet a convertible debt offering will be announced
This is from their 10Q
We seek to deploy capital primarily in the form of non-controlling equity and equity-related investments, including common stock, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity, and convertible debt securities with a significant equity component. We used substantially all of the net proceeds of our initial public offering and follow-on offerings for the above purposes.
Looks like they are about to do another secondary. Only $4 million in cash left and a 50% move off the bottom. I bet announce something here real soon for a secondary at $12 a share
I thought they would be bought for sure but now I'm questioning that idea seriously. Why would the CFO or VP sell 50k shares if the company was going to be sold? Any ideas?