AmBase launches $8.8M private placement of 44.2M shares at $0.20, standby purchaser from insiders

AmBase Corp

Gross proceeds of ~$8.8M from sale of 44.2M shares at $0.20 each to existing accredited stockholders.
BARC Investments (affiliate of directors Bianco) will buy unsubscribed shares, ensuring full subscription.
Proceeds intended to fund 111 West 57th Property litigation and repay obligations; exploring additional $5M litigation funding.
Shares offered under Rule 506(c); restricted six months; company will seek increase in authorized shares at 2024 annual meeting.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AmBase Corp entered into Standby Purchase Agreement with BARC Investments, LLC valued at BARC to purchase its pro rata share and all unsubscribed Shares at $0.20 per Share; granted preempti (effective 2024-02-28).

Action: entry
Agreement: equity purchase
Counterparty: BARC Investments, LLC
Value: BARC to purchase its pro rata share and all unsubscribed Shares at $0.20 per Share; granted preempti
Effective: 2024-02-28

Exact text from the filing

the Company also entered into a standby purchase agreement (the “Standby Purchase Agreement”) with BARC Investments, LLC (“BARC”), an affiliate of the Company owned and controlled by Company directors Alessandra F. Bianco and Richard A. Bianco, Jr. and their sibling Christina Bianco.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AmBase Corp entered into Subscription Agreement with eligible existing stockholders valued at Up to 44,200,460 shares of common stock at $0.20 per share, gross proceeds approximately $8.8 millio (effective 2024-02-28).

Action: entry
Agreement: equity purchase
Counterparty: eligible existing stockholders
Value: Up to 44,200,460 shares of common stock at $0.20 per share, gross proceeds approximately $8.8 millio
Effective: 2024-02-28

Exact text from the filing

The Shares will be offered and sold pursuant to a Subscription Agreement (the “Subscription Agreement”) to be entered into by and between the Company and each

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AmBase Corp filing history →

Source: SEC EDGAR

accession 0001140361-24-010156

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