LA JOLLA, Calif., Nov. 6, 2014 /PRNewswire/ -- Reven Housing
REIT, Inc. ("Reven" or the "Company") (OTCQB: RVEN) today announced
the effectiveness of a 1-for-20 reverse stock split of issued Reven
common stock. Reven common stock will begin trading on a
split-adjusted basis on the OTCQB market at the opening of trading
tomorrow, November 7, 2014.
Chad M. Carpenter, Chairman and
Chief Executive Officer of Reven, commented, "Reven continues to
execute on our business plan. We are successfully closing
additional acquisitions of single-family homes in our target
markets, growing our portfolio. Effecting this reverse stock
split is intended to allow for greater visibility amongst the
national investment community and take us a step closer towards a
possible listing on NASDAQ, a national exchange."
The reverse stock split will affect all shares of the Company`s
common stock outstanding immediately prior to the effective time of
the reverse stock split, as well as the number of shares of common
stock available for issuance under the Company`s equity incentive
plan. In addition, the reverse stock split will effect a reduction
in the number of shares of common stock issuable upon the exercise
of warrants outstanding immediately prior to the effectiveness of
the reverse stock split, with a proportional increase in the
exercise price. No fractional shares will be issued as a result of
the reverse stock split. In lieu of issuing fractional shares, the
Company will round up to one whole share of Common Stock in the
event a stockholder would be entitled to receive a fractional share
of Common Stock.
Additional information regarding the reverse stock split can be
found in the Company's definitive information statement filed with
the Securities and Exchange Commission on March 10, 2014.
About Reven Housing REIT, Inc.
Reven Housing REIT is engaged in the acquisition, ownership and
operation of portfolios of leased single-family homes in
the United States. RVEN currently
owns and operates SFR's in Florida, Georgia, Mississippi, Tennessee, Texas and intends to expand throughout
the United States. Reven operates
its portfolio properties as single-family rentals, or SFRs, and it
generates most of its revenue from rental income of the existing
tenants of the SFRs that Reven has acquired. Reven's business
plan involves acquiring portfolios of rented houses from investors
who have bought them low, fixed and rented them; and generating
current income from profits from rentals and appreciation of
houses. Reven intends to take all necessary steps to qualify
as a real estate investment trust ("REIT") under the Internal
Revenue Code, as amended. However, no assurance can be given
that it will qualify or remain qualified as a REIT.
Forward Looking Statement
This press release contains forward-looking statements that
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events and similar expressions.
Forward-looking statements may be identified by use of words such
as "may," "will," "should," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," or "potential" or similar
words or phrases which are predictions of or indicate future events
or trends. Statements such as those concerning potential
acquisition activity, investment objectives, strategies,
opportunities, other plans and objectives for future operations or
economic performance are based on the Company's current
expectations, plans, estimates, assumptions and beliefs that
involve numerous risks and uncertainties. Any of these
statements could prove to be inaccurate and actual events or
investments and results of operations could differ materially from
those expressed or implied, including the ability of the Company to
qualify and operate as a REIT. To the extent that the
Company's assumptions differ from actual results, the Company's
ability to meet such forward-looking statements, including its
ability to invest in a diversified portfolio of quality real estate
investments and to qualify and operate as a REIT, may be
significantly and negatively impacted. You are cautioned not
to place undue reliance on any forward-looking statements and the
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, new information, future events or other
changes. Please refer to Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on for the year
ended December 31, 2013 filed with
the SEC on March 25, 2014, and
subsequently filed SEC reports, for further information.
SOURCE Reven Housing REIT, Inc.