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Seaport Entertainment Group (NYSE American: SEG) reported Q3 2024 financial results following its separation from Howard Hughes Holdings. The company posted total revenues of $39.7 million, down 1.9% from $40.5 million in Q3 2023, and a net loss of $32.5 million ($5.89 per share), improved from a $736.2 million loss year-over-year.
Key developments include completing a rights offering raising $166.7 million, signing a licensing agreement with The Dead Rabbit, and extending Live Nation programming agreement for five years. The company ended Q3 with $27.8 million in cash and equivalents, $103.4 million in consolidated debt, and a $5 million undrawn credit facility.
Seaport Entertainment Group (NYSE American: SEG) has successfully closed its $175.0 million rights offering, which was oversubscribed with total demand of 14,084,612 shares. The company is issuing 7,000,000 shares of common stock at $25.00 per share. After the offering, SEG will have approximately 12.7 million shares outstanding.
The rights offering was backstopped by Pershing Square Capital Management, which fully exercised its pro rata subscription rights and will receive additional shares through its over-subscription privilege. SEG plans to use the proceeds for general operating, working capital, and other corporate purposes.
CEO Anton Nikodemus stated, "We believe this is a strong endorsement of our strategy and high-quality portfolio." Wells Fargo Securities acted as dealer manager for the offering.
Seaport Entertainment Group (NYSE American: SEG) announced preliminary results of its $175.0 million rights offering, which expired on October 10, 2024. The offering was over-subscribed, with 4,651,166 basic subscription rights exercised to purchase 5,895,299 shares of common stock, and 6,847,032 additional shares subscribed under the over-subscription privilege. Shares will be issued at $25.00 per share.
Pershing Square Capital Management fully exercised its pro rata subscription rights and may receive additional shares through over-subscription. The company expects to distribute shares and proceeds around October 17, 2024. Final results will be filed in a Form 8-K. Wells Fargo Securities acted as dealer manager for the offering.
Seaport Entertainment Group (NYSE American: SEG) has commenced its previously announced $175.0 million rights offering to purchase up to 7,000,000 shares of its common stock. The offering gives stockholders as of September 20, 2024 (Record Date) the opportunity to subscribe for newly issued shares at $25.00 per share. Each stockholder will receive one right for each outstanding share owned, with each right entitling the holder to purchase 1.267683 shares.
The rights offering is backstopped by Pershing Square Capital Management, ensuring gross proceeds of $175.0 million. Trading of rights on NYSE American will begin on September 24, 2024, under the symbol "SEG RT". The offering will expire on October 10, 2024, unless extended. SEG plans to use the proceeds for general operating, working capital, and other corporate purposes.
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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