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8-K - CURRENT REPORT - NEW YORK MORTGAGE TRUST INC | nymt_8k-102609.htm |
Exhibit
99.1
New
York Mortgage Trust Announces Filing of Shelf Registration
Statement
NEW YORK,
Oct. 23 /PRNewswire-FirstCall/ -- New York Mortgage Trust, Inc. (the "Company")
(Nasdaq: NYMT) today announced that it has filed a shelf registration statement
or Form S-3 with the Securities and Exchange Commission ("SEC").
Upon
being declared effective by the SEC, the shelf registration statement will allow
the Company, subject to certain transaction requirements, to raise up to an
aggregate of $50 million through the sale of common stock, through one or more
offerings from time to time in the future, including offerings that may be
deemed "at the market" offerings. In accordance with the transaction
requirements of Form S-3, until such time as the aggregate market value of the
Company's common stock held by non-affiliates (the "Company's Public Float")
exceeds $75 million, the Company will be limited to issuing shares from the
shelf registration statement during a rolling period of 12 calendar months with
an aggregate market value that does not exceed one-third of the Company's Public
Float. Pursuant to the shelf registration statement filed with the
SEC, the net proceeds from the sale of any shares to be registered thereunder
will be used to finance the acquisition of Agency RMBS, non-Agency RMBS and
other alternative assets, subject to maintaining the Company's REIT
qualification and its exemption under the Investment Company Act of 1940, as
amended, as well as for other general corporate purposes described in the shelf
registration statement.
The shelf
registration statement has been filed with the SEC but has not yet become
effective. These securities may not be sold nor may offers to buy these
securities be accepted prior to the time the shelf registration statement
becomes effective. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these securities
in any jurisdiction in which an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction. Any offering of the common stock covered under the shelf
registration statement will be made solely by means of a prospectus and an
accompanying prospectus supplement relating to that offering. This press release
is being issued pursuant to and in accordance with Rule 135 under the Securities
Act of 1933, as amended.
This press release contains
"forward-looking statements" within the meaning of federal securities law. You
should exercise caution in interpreting and relying on forward-looking
statements because they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond the Company's control. Such risks and
uncertainties include, but are not limited to, the Company's ability to obtain
effectiveness of the shelf registration statement. The Company assumes no
responsibility to issue updates to the forward-looking matters discussed in this
press release.
About
New York Mortgage Trust
New York
Mortgage Trust, Inc. is a self-advised real estate investment trust (REIT) that
invests primarily in real estate-related assets, including mortgage-backed
securities ("RMBS") issued by Fannie Mae or Freddie Mac (each an "Agency") and
high credit quality residential adjustable rate mortgage ("ARM") loans, and to a
lesser extent, in certain alternative real-estate related and financial assets.
As a REIT, the Company is not subject to federal income tax, provided that it
distributes at least 90% of its REIT income to stockholders.
CONTACT: Steven
R. Mumma, CEO, President, Chief Financial Officer of New York Mortgage Trust,
Inc., +1-212-792-0107, smumma@nymtrust.com; or Joe Calabrese (General),
+1-212-827-3772 or Scott Eckstein (Analysts), +1-212-827-3776, both of Financial
Relations Board