Welcome to our dedicated page for Mill City Ventures III, Ltd. news (Ticker: MCVT), a resource for investors and traders seeking the latest updates and insights on Mill City Ventures III, Ltd. stock.
Mill City Ventures III, Ltd. (NASDAQ: MCVT) is a non-bank lender and specialty finance company founded in 2007. The company provides short-term specialty finance solutions mainly to private businesses, micro-and small-cap public companies, and high-net-worth individuals. Their primary service involves offering high-interest short-term lending arrangements secured by collateral or personal guarantees from borrowers.
Recently, Mill City Ventures extended an additional $1 million of short-term loan principal to Mustang Litigation Funding, which brings their total capital commitment to Mustang to $8 million. This commitment reflects Mill City's strategic focus on leveraging significant opportunities and partnerships in the emerging litigation finance industry.
In terms of financial performance, Mill City reported another profitable quarter for the period ending March 31, 2024. The company's future endeavors include exploring potential opportunities in real estate bridge loans, title loans, insurance claims, litigation financing, and business acquisitions.
CEO Douglas M. Polinsky has emphasized the transformational opportunities that the planned merger with Mustang could bring, aiming to lay a robust foundation for future growth and shareholder value. Meanwhile, Mustang anticipates that the merger will enable it to better capitalize on the growing litigation finance sector by accessing public markets for capital.
For investors seeking up-to-date information about Mill City's performance and developments, the company continues to provide timely disclosures and updates, ensuring transparency and keeping shareholders informed. Additional information is available on their official website at www.millcityventures3.com.
Mill City Ventures III, Ltd. (NASDAQ:MCVT) has entered into a short-term financing arrangement of $5 million with Mustang Funding, LLC, as part of their ongoing merger process. This loan, which will mature in nine months, aims to provide Mustang with immediate liquidity and marks a significant step toward the anticipated merger between the two companies. CEO Douglas M. Polinsky expressed optimism about the transformative potential of the merger, while Mustang President Jimmy Beltz highlighted the importance of this collaboration for growth.
Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced a non-binding letter of intent to merge with Mustang Funding, LLC, a litigation finance company. This transaction will allow Mustang owners to acquire 80% of Mill City’s post-transaction shares. The merger is contingent on due diligence, financing conditions, and approval from both companies' shareholders. Mustang Funding specializes in providing capital solutions for law firms and plaintiffs, which will expand Mill City’s market presence.
Mill City Ventures III (Nasdaq:MCVT) has announced the funding of an $855,000 settled insurance claim. The related short-term note is set to mature in 120 days, offering an annualized return of 33.5%. CEO Douglas M. Polinsky highlighted the growing need for alternative financing solutions due to rising inflation and interest rates, suggesting that small- and medium-sized businesses face significant capital access challenges. Mill City's ability to create quick financing options is positioned as a growth driver.
Mill City Ventures III, Ltd. (Nasdaq:MCVT) announced a virtual presentation at the Sidoti Investor Conference on November 9, 2022, at 12:15 p.m. ET, featuring CEO Douglas Polinsky and CFO Joseph Geraci. Investors can access the live presentation via this link. Mil City will also hold one-on-one meetings with investors during the conference. Founded in 2007, Mill City specializes in short-term non-bank lending and specialty finance. For further details, visit www.sec.gov.
Mill City Ventures III (NASDAQ:MCVT) announced a $2.225 million short-term debt financing to Liberated Syndication Inc. (Libsyn) to support its acquisition of Julep Media GmbH, a German podcast company. This funding will aid Libsyn in becoming a significant player in the European podcast market, leveraging a combined network of over 3,000 creators and 750 advertisers. The debt matures in 180 days, underscoring Mill City's focus on tailored financing solutions in a robust market.
Mill City Ventures III (NASDAQ:MCVT) announced a funding of a settled insurance claim amounting to $840,000. The short-term note is projected to mature in 120 days, with an expected payback of $933,334, resulting in an annualized return of 33.33%. CEO Douglas M. Polinsky stated that the demand for this type of funding is robust, indicating the quality of the products they create for the market. This follows a similar announcement made in August 2022, underscoring their strong market position.
Mill City Ventures III (NASDAQ:MCVT) announced funding for a settled insurance claim of $550,000. The associated short-term note is set to mature in 120 days, with an expected payback of $616,667, yielding an annualized return of 36.36%. CEO Douglas M. Polinsky expressed optimism about the favorable operating environment, indicating potential for generating substantial returns as they scale funding for larger loans. While the transaction amount is modest, it reflects the company’s strategy in managing risk effectively and enhancing shareholder value.
Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced strong financial results for Q2 2022, reporting an 83% increase in investment income, reaching $1,236,505, compared to $675,549 in Q2 2021. Pre-tax earnings rose 73% to $734,250, with a substantial 171% increase over six months at $1,188,638. Shareholder equity climbed to $14,426,607. However, cash reserves decreased to $629,572 from $1,936,148 at the end of 2021. The CEO highlighted a strong demand for loan products and a zero-loss ratio in the loan portfolio.
Mill City Ventures III (MCVT) has completed a public offering of 1,250,000 shares at $4.00 per share, raising $5 million before costs. An additional 187,500 shares may be purchased by underwriters within 45 days. The company's stock began trading on the Nasdaq on August 9, 2022, following a 1-for-2.25 reverse split. Proceeds will support general corporate activities, including working capital and expanded marketing. This offering follows SEC registration (File No. 333-264474), effective from August 8, 2022.
Mill City Ventures III, Ltd. (MCVT) has announced an underwritten public offering of 1.25 million shares at $4.00 each, targeting gross proceeds of $5 million. The offering, which includes a 45-day option for underwriters to purchase an additional 187,500 shares, will close on August 11, 2022. To support its Nasdaq listing, Mill City will execute a reverse stock split of 1 for 2.25, effective August 9, 2022. The funds raised will be used for general corporate purposes, including working capital and expanding lending activities.
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