Welcome to our dedicated page for Mill City Ventur news (Ticker: MCVT), a resource for investors and traders seeking the latest updates and insights on Mill City Ventur 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 (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.
Mill City Ventures III, Ltd. (OTCQB: MCVT) reported substantial growth in its quarterly results for the period ending March 31, 2022. Interest income surged by 83% to $1M, up from $546k year-over-year, while pre-tax earnings improved to $454k from $12k. Shareholder equity also rose to $13.8M from $13.4M as of December 31, 2021. CEO Douglas M. Polinsky highlighted strong demand for loan products and a consistent zero-loss ratio. The company has filed an S-1 statement for a potential stock offering to support loan demand and is pursuing a NASDAQ listing.
Mill City Ventures III, Ltd. (OTCQB: MCVT) reported record revenue of $2.56M for the year ended December 31, 2021, a 100% increase from $1.3M in 2020. Earnings from operations rose to $1.3M, up from $561,000. Shareholder equity increased by 16% to $13.4M, despite $1.6M in dividends paid. The company achieved net margins of 49%, up from 43%, and net asset value per share improved to $1.24. CEO Douglas M. Polinsky highlighted ongoing opportunities in high-rate lending and the company's commitment to meeting NASDAQ listing requirements.
Mill City Ventures III, Ltd. (OTCQB:MCVT) has announced a $3.4 million short-term loan to support the acquisition of land in Glendale, AZ, aimed at developing 139 townhouse units. This investment marks Mill City's entry into the booming Phoenix multi-unit housing market, with an expected annual return of approximately 53%. The company has observed a surge in funding demand since early 2022 and is actively pursuing various financing opportunities. Mill City is also collaborating with NASDAQ to fulfill listing requirements.
Mill City Ventures III, Ltd. (OTCQB: MCVT) announced a historic funding of $3.9 million for a 350-unit apartment complex, marking its largest single investment to date. This short-term note is expected to yield an annualized return of approximately 20%. With a recent credit facility closing, the company aims to expand funding opportunities across various sectors, including adjudicated insurance settlements and real-estate-backed loans. Mill City continues to work with NASDAQ to meet listing requirements.
Mill City Ventures III, Ltd. (OTCQB: MCVT) announced funding of a $1.25M settled insurance claim, which matures in 120 days. CEO Douglas M. Polinsky stated that participating in settled claims is a favorable risk-reward opportunity, offering higher returns at lower risk. The company's focus remains on various lending avenues including settled claims, asset-based loans, and real estate-backed loans. Mill City is also working with NASDAQ to meet listing requirements. The announcement includes forward-looking statements that highlight potential risks and uncertainties affecting future results.
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