Peak Resorts, Inc. (NASDAQ:SKIS), a leading owner and operator of high-quality, individually branded ski resorts in the United States, announced that the United States Citizenship and Immigration Services (USCIS) approved the company’s Mount Snow EB-5 program.
The related $52 million in funds raised from investors for the Mount Snow development projects will be released from escrow immediately following the approval of the first I-526 Petition submitted by an investor in the Mount Snow EB-5 offering. Historically, the petition approvals occur shortly after program approval.
While awaiting this USCIS approval, the company invested more than $12 million in project construction since May 2015. Peak Resorts will be reimbursed for that spending as the committed funds are released from escrow.
USCIS approval of an I-526 Petition is the first step in the process pursuant to which an immigrant who invests in an EB-5 program can become a permanent resident of the US. The initial I-526 Petition approval allows Mount Snow to access investors’ committed funds that were required to be held in escrow pending the first Petition approval.
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