BUENOS AIRES, Argentina,
Feb. 25, 2021 /PRNewswire/ -- Cresud
Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria
(the "Company") (NASDAQ: CRESY) announced today, in connection with
its previously-announced offering to holders of record on
February 19, 2021 of (i) American Depositary Shares ("ADSs")
representing its common shares, of rights to subscribe for
0.1794105273 new ADSs for every ADS held of record, and (ii) its
common shares, of rights to subscribe for 0.1794105273 new common
shares for every common share held of record, the definitive
subscription price for each new ADS or common share in the proposed
offering of US$4.72 and US$0.472, respectively. In addition, the Company
announced that warrants which the proposed offering contemplates
that holders will receive, free of charge, for each new common
share purchased, will have an exercise price of US$0.566. The warrants will be exercisable after
90 days following their issuance, prior to their expiration on the
fifth anniversary of their issue date, during the nine-day period
from and including the 17th through the 25th day of each February,
May, September and November (to the extent such dates are business
days in New York City and in the
City of Buenos Aires). Each
warrant will entitle the holder thereof to purchase one additional
common share. The subscription period for the rights to acquire
ADSs will expire on March 2, 2021, unless extended by the
Company. The subscription period for the rights to acquire common
shares will expire on March 5, 2021, unless extended by the
Company. The new ADSs and warrants acquired pursuant to the rights
offering made to ADS holders are expected to be issued and made
available as soon as practicable after the new common shares are
deposited with the ADS depositary's custodian in Argentina. The new common shares and warrants
acquired pursuant to the rights offering made to holders of common
shares are expected to be issued and made available within five
business days (in New York City
and Buenos Aires, Argentina)
following the expiration of the common shares subscription
period.
Cresud may terminate or cancel the proposed offering in its sole
discretion at any time on or before the expiration of the common
shares subscription period for any reason (including, without
limitation, a change in the market price of the common shares or
the ADSs). If the offering is terminated, all rights will expire
without value and Cresud will promptly arrange for the refund,
without interest or deduction, of all funds received from holders
of common share and ADS rights. Any termination or cancellation of
the rights offering will be followed as promptly as practicable by
an announcement. Cresud may amend or modify the terms of the rights
offering, and may extend the expiration date of the rights
offering.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities. Any offers,
solicitations of offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the U.S.
Securities Act of 1933, as amended (the "Securities Act"). A
registration statement relating to these securities has been
declared effective by the Securities and Exchange
Commission.
Matters discussed in this press release contain forward-looking
statements within the meaning of Section 27A of the Securities Act,
and Section 21E of the U.S. Securities Exchange Act of 1934, as
amended (the "Exchange Act"), that involve substantial risks and
uncertainties, including but not limited to the risk that the
definitive subscription price may be higher than the non-binding
indicative subscription price. In addition to the risks and factors
identified above, reference is also made to other risks and factors
detailed in reports filed by Cresud with the Securities and
Exchange Commission. Cresud cautions that the foregoing factors are
not exclusive. Cresud undertakes no obligation to publicly update
or revise any forward-looking statement in this or any prior
forward-looking statements whether as a result of new information,
future developments or otherwise.
Investor Relations Department
CRESUD S.A.C.I.F.y.A
+ 5411 4323-7449
ir@cresud.com.ar
www.cresud.com.ar
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SOURCE Cresud S.A.C.I.F. y A.