05:55 PM EDT, 10/17/2024 (MT Newswires) -- Seaport Entertainment Group ( SEG ) said late Thursday it closed an oversubscribed rights offering raising $175 million for general operating, working capital and other corporate purposes.

The company is issuing 7 million common shares at a subscription price of $25 apiece.

Seaport said the offering was backstopped by investment funds advised by Pershing Square Capital Management.

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