Gyrodyne Company Of America (GYRO) has released an update.
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The Company has initiated a rights offering, open until March 7, 2024, with the possibility of extension or cancellation. The offering is part of a strategic maneuver, subject to forward-looking statements under securities law, indicating plans for property enhancement and sales. Management’s expectations could be impacted by various uncertainties, including legal challenges, shareholder activism, banking issues, and economic factors such as the ongoing COVID-19 pandemic, inflation, interest rates, and market conditions in specific New York counties.
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For a comprehensive understanding of the announcement, you can read the full document here.