New York Mortgage Trust Prices $103.22 Mln Stock Offering

(RTTNews) - New York Mortgage Trust, Inc. (NYMT) said Friday that it has priced an underwritten public offering of 13 million shares of its common stock at a public offering price of $7.94 per share.

NYMT also granted the underwriters an option to purchase up to an additional 1.95 million shares of common stock.

The offering is expected to close on November 26.

NYMT plans to use the net proceeds of the offering to fund a portion of the purchase price of a pool of residential mortgage loans. If such acquisition is not completed, NYMT plans to use the net proceeds to fund the acquisition of its targeted assets and for general working capital purposes. The offering is not contingent on the completion of the acquisition of the residential mortgage loan pool.