SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 31, 2013
Manhattan Bridge Capital, Inc.
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction
|(Commission File Number)||(IRS Employer Identification No.)|
|60 Cutter Mill Road, Great Neck, NY||11021|
|(Address of Principal Executive Offices)||(Zip Code)|
(Registrant’s telephone number,
including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|¨||Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425).|
|¨||Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12).|
|¨||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).|
|¨||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).|
This Current Report on Form 8-K is filed by Manhattan Bridge Capital, Inc. (the “Registrant”), in connection with the items set forth below.
Item 1.01. Entry into a Material Definitive Agreement.
On January 31, 2013, the Registrant amended its Line of Credit Agreement with Sterling National Bank (“Sterling”), dated May 2, 2012, pursuant to which Sterling agreed to increase its credit line from $3.5 million to $5 million (the “Amendment”). In connection with the Amendment, Assaf Ran, president and chief executive officer of the Registrant, agreed to increase his personal guaranty of the credit line to $5 million.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 8.01: Other Events.
On February 4, 2013, the Registrant issued a press release announcing the increase to $5 million of its line of credit from Sterling, which press release is Exhibit 99.1 hereto.
Item 9.01: Financial Statements and Exhibits.
|10.1||Amendment Agreement, dated January 31, 2013, between the Registrant, Assaf Ran and Sterling National Bank.|
Press Release, dated February 4, 2013.
* * * * * *
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
|MANHATTAN BRIDGE CAPITAL, INC.|
|Dated: February 19 , 2013||By: /s/ Assaf Ran|
|Name: Assaf Ran|
|Title: President and Chief Executive Officer|
Assaf Ran, CEO
SOURCE: Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital, Inc. Increases its Revolving Line of Credit to $5 Million
Long Island, N.Y. February 4, 2013 / GLOBE Newswire -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)
Manhattan Bridge Capital, Inc. announced today that its Revolving Line of Credit with Sterling National Bank was increased to up to $5 million, $1.5 million more than the previous limit. The terms of the increased line are similar to the terms of the original line established on May 2, 2012.
Assaf Ran, Chairman of the Board and CEO stated, "This increase is excellent news for the Company. It will allow us to continue our solid and consistent growth.”
This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are typically identified by the words “believe,” “expect,” “intend,” “estimate” and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as “Cautionary Statements”), including but not limited to the following: (i) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.