08:41 AM EDT, 10/11/2024 (MT Newswires) -- Seaport Entertainment ( SEG ) said Friday its $175 million rights offering that closed late Thursday was over-subscribed, with 4.7 million rights exercised to purchase 5.9 million of the company's shares.

An additional 6.8 million shares were subscribed for the over-subscription privilege, subject to proration, Seaport said.

The shares will be purchased at the subscription price of $25 per whole share and are expected to be distributed on or about Oct. 17, the company said.