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Manhattan Bridge closes common stock offering

Manhattan Bridge Capital Inc. closed its previously announced underwritten public offering of 1,428,572 of its common shares at $7.00 apiece.

In connection with the offering, Manhattan Bridge Capital had granted the underwriter a 45-day option to purchase up to an additional 214,286 common shares to cover any overallotments.

The company plans to use the net proceeds to reduce the outstanding balance of its existing credit line. Remaining proceeds will be used to increase its loan portfolio and for general corporate purposes and working capital.

National Securities Corp., a wholly owned subsidiary of National Holdings Corp., acted as sole book-running manager for the offering.