Mill City Ventures Prices $5 Million Common Stock Offering

Mill City Ventures III, Ltd. priced its underwritten public offering of 1.25 million shares of common stock at $4 per share, for total gross proceeds of $5 million.

The company also granted the underwriters a 45-day option to buy up to 187,500 additional shares of common stock at the offering price.

Mill City expects to start trading on the Nasdaq Capital Market from Aug. 10, in connection with which it will implement a reverse split of its issued and outstanding shares of common stock at a ratio of 1 for 2.25, effective Aug. 9.

The non-bank lender and specialty finance company said Tuesday that it plans to use the net proceeds primarily for general corporate purposes, including working capital, expanded sales and marketing activities, and providing additional specialty short-term loans.

Alexander Capital, LP is acting as sole book-running manager for the offering, which is expected to close on Aug. 11.

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