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Seaport Entertainment Group (NYSE American: SEG) has announced a $175 million rights offering to purchase up to 7,000,000 shares of its common stock. Stockholders as of the September 20, 2024 record date will receive transferable subscription rights to purchase shares at $25.00 per share. The offering is expected to expire on October 10, 2024.
The rights offering includes over-subscription privileges for stockholders who exercise their full basic subscription rights. Pershing Square Capital Management has agreed to backstop the offering, ensuring the full $175 million is raised. SEG plans to use the proceeds for general operating, working capital, and other corporate purposes.
Trading of the rights on NYSE American is expected to begin on a 'when-issued' basis on September 19, 2024, under the symbol 'SEG RTWI', and on a 'regular way' basis on September 24, 2024, under 'SEG RT'.
Seaport Entertainment Group Inc. (NYSE American: SEG) has completed its separation from Howard Hughes Holdings Inc. (NYSE: HHH) and is now an independent, publicly traded company. SEG's portfolio includes the historic Seaport neighborhood in Lower Manhattan, Las Vegas Ballpark, the Las Vegas Aviators baseball team, a 25% stake in Jean-Georges Restaurants, and air rights above the Fashion Show mall in Las Vegas.
Anton D. Nikodemus, an industry veteran with experience in developing premier entertainment destinations, leads SEG as President, CEO, and Chairman. The separation was accomplished through a pro rata distribution of SEG shares to Howard Hughes stockholders, with one SEG share issued for every nine Howard Hughes shares held on July 29, 2024. SEG aims to redefine the entertainment experience by leveraging its unique assets and partnerships in top-tier markets.
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