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New York Mortgage Trust, Inc. News

New York Mortgage Trust Announces Private Placement of Common Stock

NEW YORK, Feb. 14 PRNewswire-FirstCall — New York Mortgage Trust, Inc. (OTC Bulletin Board: NMTR) ("NYMT" or the "Company") today announced that it has entered into a purchase agreement relating to the private placement of 15,000,000 shares of its common stock at a price of $4.00 per share to a combination of new and existing institutional investors. The Company expects to receive net proceeds of approximately $57.0 million after private placement fees but before expenses. The Company intends to use the net proceeds of this offering for investing in Agency mortgage-backed securities. The closing of the transaction is expected to occur on Thursday, February 21, 2008, subject to the satisfaction of closing conditions.

The shares of common stock to be issued in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a self-advised real estate investment trust (REIT) engaged in the investment management of mortgage-backed securities (MBS) and high credit quality residential adjustable rate mortgage (ARM) loans. As of March 31, 2007, the Company exited the mortgage lending business. As a REIT, the Company is not subject to federal income tax, provided that it distributes at least 90% of its REIT income to stockholders.

Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking statements that predict or describe future events or trends. The matters described in these forward-looking statements are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company faces many risks that could cause its actual performance to differ materially from the results predicted by its forward-looking statements, including, without limitation, that a rise in interest rates may cause a decline in the market value of the Company's assets, prepayment rates may change, borrowings to finance the purchase of assets may not be available or may not be available on favorable terms, the Company may not be able to maintain its qualification as a REIT for federal tax purposes, the Company may become affected by the risks associated with investing in mortgage loans, including changes in loan delinquencies, and the Company's hedging strategies may not be effective. The reports that the Company files with the Securities and Exchange Commission contain a fuller description of these and many other risks to which the Company is subject. Because of those risks, the Company's actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by its forward-looking statements. The information set forth in this news release represents management's current expectations and intentions. The Company assumes no responsibility to issue updates to the forward-looking matters discussed in this press release.

SOURCE New York Mortgage Trust, Inc.

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