Pacific Oak Strategic Opportunity REIT Closes Merger
The merger between Reven Housing REIT and SOR PORT closed for $56 million or $5.13 per share.
Reven Housing REIT, a subsidy of Pacific Oak Strategic Opportunity REIT, has completed its previously announced merger with SOR PORT for $56 million or $5.13 per share.
Following the closing of the merger, PORT closed the previously announced offering pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933, as amended, of newly-created 6% Series A Cumulative Convertible Redeemable Preferred Stock, par value $0.001 per share to its former stockholders of record who are accredited investors.
In addition, at the closing of the offering, PORT issued and sold 15,000 shares of Series A Preferred Stock, at a price of $1,000 per share of Series A Preferred Stock, for total gross proceeds of $15 million.