Search
 

Paragon Withdraws $100M Offering, Faces Delisting

CLEVELAND-The locally headquartered value add apartment investor did not sell any of its shares pursuant to the offering. It was to use the bulk of the proceeds to acquire a 1,478-unit portfolio, which it hoped would help it get back into compliance with the listing requirements for the American Stock Exchange.

By Brian K. Miller | Updated on January 22, 2006

CLEVELAND-Locally headquartered Paragon Real Estate Equity and Investment Trust called off a $100-million public share offering on Friday, the day after it met with the American Stock Exchange to discuss the Exchange’s decision to de-list Paragon’s common shares.

Paragon, which did not sell any of its shares pursuant to the offering, registered its offering with the Securities and Exchange Commission on Oct. 24. Paragon had been relying on completion of the equity offering to get back into compliance with the Exchange’s listing standards. The company expects to hear from the Exchange again this week.

“At the outset of the public offering process, we were encouraged by our investment advisors’ belief that the market was ready for a value added apartment REIT,” says Paragon chief executive James Mastandrea. “We spent significant time and cost pursuing a public offering to benefit our shareholders and are disappointed that we were not able to complete the offering as we had planned.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.