Gyrodyne announces January 29 as record date for proposed rights offering

Gyrodyne, LLC announced that the record date for its proposed rights offering is January 29, 2024 at 5:00 p.m. Eastern Time. As previously announced, the company intends to raise up to $5M in aggregate gross proceeds by way of a rights offering where its existing shareholders as of the Record Date will be granted rights to purchase shares of the company’s common stock. In the Rights Offering, the company will distribute to holders of Gyrodyne’s common shares non-transferable subscription rights to purchase up to an aggregate of 625,000 shares of common stock at a subscription price of $8.00 per share. The company expects to use the net proceeds received from the rights offering to complete the pursuit of entitlements on the Company’s Flowerfield and Cortlandt Manor properties, for litigation fees and expenses in the Article 78 proceeding, for property purchase agreement negotiation and enforcement, for necessary capital improvements in the company’s real estate portfolio, and for general working capital.