Bullish indicating open at $55-$60, IPO prices at $37
Robert E. Dixon, CEO and President of MacKenzie Realty Capital, Inc. (OTC:MKZR), has recently acquired 10,000 shares of the company’s common stock, according to a recent SEC filing. This insider purchase comes as the stock trades at a significant discount to its InvestingPro Fair Value, with shares down over 60% in the past year. The purchase was made at a price of $1.92 per share, totaling $19,200. Following this transaction, Dixon directly owns 92,263 shares of MacKenzie Realty Capital. Additionally, through an indirect holding by MPF Successors, LP, Dixon is deemed to beneficially own approximately 9,935.45 shares. The stock currently offers a substantial 10.7% dividend yield and trades at just 0.41 times book value. InvestingPro subscribers can access 10+ additional investment insights about MKZR, including detailed insider trading analysis and valuation metrics.
In other recent news, MacKenzie Realty Capital has successfully raised approximately $4.8 million through a stock offering, involving the sale of over 2.8 million shares to a single institutional investor. This transaction includes Series A and Series B common warrants, which could allow for the purchase of an additional 4.2 million shares. The company plans to use the proceeds for various corporate purposes, including capital expenditures and potential acquisitions, though specific targets have not been identified. Additionally, MacKenzie Realty has secured a $10 million line of credit with Patterson Real Estate Services, enhancing its financial flexibility to pursue opportunities and manage obligations.
In corporate governance developments, MacKenzie Realty has amended its charter and bylaws following a Special Meeting of Stockholders. These amendments include changes to stockholder meeting procedures and voting thresholds, aligning with Maryland’s corporate laws. The company is also set to update its stockholders via letters addressing dividend payments and other affairs. These letters are intended to maintain transparency and communication with investors. These updates reflect MacKenzie Realty’s strategic efforts to strengthen its financial and operational frameworks.
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