UCASU speeds up annual filing for faster distribution of $0.10/share dividend
ATLANTA, Jan. 18, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) management announces the company will expedite preparation of its 2021 annual financials and filing (Form 10K), in order to distribute the 2021 dividend at earlier time.
“The legal deadline for our annual filing is March 31,” explains Greg Bankston, managing general partner of UC Asset. “We will not be able to distribute our 2021 dividend until our books are fully audited. So we’ve decided to expedite compositing and auditing our 2021 financial reports, with the intention to start delivering dividend by the end of February.”
UC Asset has committed to distributing a minimum dividend of $0.10 per share for the year of 2021, subject to the final result of its audited financials. The management has projected a net gain of $0.10-$0.15 per share for the year of 2021.
“If we have our 2021 financials audited before the end of February to distribute dividend, there will be no reason for holding back the annual filing. We will likely have our Form 10K filed at the beginning of March,” says Bankston.
An earlier annual filing will also enable UC Asset to reach out to potential investors and investment bankers faster, as the company has announced that it is seeking to raise another $10 - $20 million through private placements and possibly a secondary public offering, with a goal to “uplist” to NASDAQ small cap or NYSE American.
“If we go out to talk to investors and bankers, they will very likely ask for our annual financials. The earlier we have our annual financials prepared and audited, the earlier we will be able to start the conversation,” declares Bankston.
UC Asset plans to file S-1 to start a secondary public offering within the year. The company has not decided on the specifics of its secondary public offering, but management says that the size of its secondary public offering will likely range between $5 million - $10 million, and the offering price will likely be around $2.5 per share.
Before its secondary public offering, the company will seek strategic investors to complete one or more rounds of private placements. Bankston expects that the private placements will be offered at a price lower than its planned public offering price, but will still be above the net equity per share of the company, as the management has avowed that equity of the current shareholders won’t be diluted after any private placements.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.
For More Information Contact:
Christal Jordan | Executive Director, UC Asset LP
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