Gyrodyne Completes Oversubscribed Rights Offering for $6.1M.

Gyrodyne Company of America, Inc. has completed its rights offering, which was oversubscribed. The company distributed non-transferable rights to subscribe for up to 2,224,020 shares of its common stock at $2.75 per share. Preliminary results show that a total of 7,044,894 shares were subscribed for, generating maximum gross proceeds of $6,116,055. The company has set record and meeting dates for a special meeting to approve the issuance of the additional shares.