BELLEVUE CAPITAL PARTNERS, LLC INCREASES THE PURCHASE PRICE FOR ITS PREVIOUSLY ANNOUNCED TENDER OFFER FOR SHARES OF AMERICAN STRATEGIC INVESTMENT CORP.

Rhea-AI Summary

Bellevue Capital Partners has increased its tender offer price for American Strategic Investment Corp. (NYSE: NYC) shares from $10.25 to $11.00 per share. This represents a $0.75 per share increase and a 90% premium to the closing price on May 3, 2024.

The Tender Offer targets up to 125,000 ASIC shares and will close on July 5, 2024. Bellevue's decision reflects confidence in ASIC's portfolio and its expanded investment strategy, emphasizing long-term value. The tender offer is subject to terms in the Offer to Purchase and the Letter of Transmittal. Shares can be withdrawn before the offer expires on July 5, 2024.

Positive

• Increased tender offer price to $11.00 per share.
• 90% premium to May 3, 2024, closing price.
• Reflects confidence in ASIC's portfolio and expanded investment strategy.
• Up to 125,000 ASIC shares targeted.

Negative

• Tender offer expires on July 5, 2024, creating a time for shareholders to act.

Insights

Financial Analyst

Bellevue Capital Partners' increase in the purchase price for its tender offer from $10.25 to $11.00 per share for American Strategic Investment Corp. (ASIC) represents an 8% increase in the offer price. This move indicates strong confidence in ASIC's portfolio and underlying assets. For investors, this premium (a 90% increase over the May 3, 2024, closing price) can signal that Bellevue perceives significant undervaluation in the current share price.

Tender offers are a strategy where investors or companies propose to buy shares directly from shareholders at a specified price, usually at a premium, to gain control or increase their stake. The increased offer price might create short-term buying pressure, potentially driving up ASIC's stock price nearer to the tender offer price.

However, retail investors should consider the long-term strategic benefits and risks. While the offer suggests confidence in ASIC's strategy and assets, investors must examine ASIC's fundamentals and Bellevue's reasons. The tender offer can be seen as a signal that the stock might be undervalued, which could positively influence market perception and lead to a price increase closer to the offer price. On the flip side, if the tender does not attract significant acceptance, it might indicate skepticism about ASIC's future performance among other investors.

In summary, this development is a positive signal but requires careful consideration of ASIC's financial health and market position.

$11.00 Offer Represents $0.75 Per Share Increase in Offer Price to May 7, 2024 Tender Offer

NEW YORK, June 26, 2024 /PRNewswire/ -- Bellevue Capital Partners, LLC ("Bellevue") announced today that it has increased the purchase price of its previously announced tender offer to purchase up to 125,000 shares of American Strategic Investment Co. (NYSE: NYC) ("ASIC") common stock from the previous purchase price of $10.25 to an increased purchase price of $11.00 per share (the "Tender Offer"). The Tender Offer will close on July 5, 2024.

Bellevue is making this offer at a 90% premium to the May 3, 2024 closing price because of its continued confidence in ASIC's portfolio and underlying assets. Bellevue further believes in the previously announced expanded investment strategy that ASIC is pursuing and in the long-term value of ASIC's common stock. The 90% premium to the May 3, 2024 closing stock price reflects Bellevue's belief in the long-term performance of ASIC and its portfolio of assets.

The Tender Offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase and the related Letter of Transmittal. The Tender Offer will expire at 5:00 PM, New York City time, on July 5, 2024, unless extended or earlier terminated by Bellevue (the "Expiration Date"). Tenders of common stock may be withdrawn at any time at or prior to 5:00 PM, New York City time, on July 5, 2024, but may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.

About Bellevue Capital Partners, LLC

Bellevue is a leading, diversified investment, asset management and operating platform and the sole member of AR Global Investments, LLC, the parent company to the advisor and property manager of ASIC.

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SOURCE Bellevue Capital Partners, LLC

FAQ

What is the new tender offer price for ASIC shares by Bellevue Capital Partners?

The new tender offer price for ASIC shares is $11.00 per share.

When will Bellevue Capital Partners' tender offer for ASIC shares expire?

The tender offer will expire on July 5, 2024.

How much of a premium is Bellevue Capital's tender offer compared to ASIC's May 3, 2024, closing price?

The tender offer represents a 90% premium to ASIC's May 3, 2024, closing price.

How many shares of ASIC is Bellevue Capital Partners targeting in the tender offer?

Bellevue Capital Partners is targeting up to 125,000 shares of ASIC.

Can shareholders withdraw their tendered shares before the offer expires?

Yes, shareholders can withdraw their tendered shares before 5:00 PM on July 5, 2024.