Tiger Brokers

MacKenzie Realty Capital Unveils Strategic Review, Halts Preferred Stock Buybacks; Shares Drop Pre-Bell

MT Newswires Live
Oct 01

MacKenzie Realty Capital (MKZR) shares fell more than 56% in Thursday's premarket activity after the company said late Wednesday it is exploring strategic transactions, including reverse takeovers, and has suspended its preferred share buyback program.

The West Coast-focused real estate investment trust said it was temporarily halting its preferred share repurchase program, noting that issuing common stock in exchange for preferred shares had increased selling pressure. The company said that pressure could complicate discussions around any potential strategic alternative.

MacKenzie continues to evaluate the options brought to it by financial advisor Maxim Group and expects to revisit the preferred share buyback program in time, it added.

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