Gyrodyne closes oversubscribed rights offering, raises $5M gross

Gyrodyne, LLC

Gross proceeds of $5M from sale of 625,000 shares at $8 per share; net proceeds ~$4.4M.
Rights offering oversubscribed by ~65% (1,031,640 total shares subscribed vs 625,000 offered).
Basic subscriptions 353,164; over-subscription shares 271,836 allocated pro rata at ~40% of requests.
Net proceeds to fund liquidation process, defend Article 78 proceeding, and pay activist-related legal fees.
Shares issued in uncertificated book-entry form.

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