MacKenzie Realty Capital Inc. is offering to purchase 60,000 shares of its issued and outstanding common stock for cash at a purchase price equal to $9.00 per share.
The offer will expire at 5 p.m. Pacific Time on March 23, unless extended. Total cost to the company for purchasing the 60,000 shares will be $540,000. The company may use the proceeds from the dividend reinvestment program, cash on hand, cash available from borrowings, and cash from liquidation of investments to repurchase the shares.
MacKenzie Realty said the offer is intended to provide limited liquidity to its stockholders as there is no other public market for its common shares.
The company had 5,198,614.88 issued and outstanding common shares as of Feb. 21.