PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, May 20, 9:59 PM
| This Slide: #124 of 581 |
Slide #124. Sotherly Hotels Inc. — Preferred Stock Offering
Company:
Sotherly Hotels Inc. (NASDAQ:SOHO)
Date announced:
4/8/2019
Shares Offered:
1,080,000
Date of Pricing:
4/11/2019
Price Per Share:
$25.00
Preferred Stock Offering Details:
Sotherly Hotels Inc. (NASDAQ: SOHO) (the "Company") today announced that it has commenced an underwritten public offering of shares of its Series D Cumulative Redeemable Perpetual Preferred Stock (the "Series D Preferred Stock"). The Company expects to grant to the underwriters a 30-day option to purchase up to an additional 15% of the shares of Series D Preferred Stock being offered to cover over-allotments, if any. The Company has filed an application to list the Series D Preferred Stock on the NASDAQ under the symbol "SOHON." -updated 4/11- Sotherly Hotels Inc. (NASDAQ: SOHO) (the "Company") today announced the pricing of its previously announced underwritten public offering of 1,080,000 shares of its 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock (the "Series D Preferred Stock") for total gross proceeds of $27,000,000 before underwriting discounts and commissions and expenses payable by the Company. The Company has granted the underwriters a 30-day option to purchase up to an additional 162,000 shares of Series D Preferred Stock to cover over-allotments, if any, at the public offering price of $25.00 per share of the Series D Preferred Stock. The offering is expected to close on or about April 18, 2019, subject to customary closing conditions. The Company has filed an application to list the Series D Preferred Stock on the NASDAQ under the symbol "SOHON" and trading is expected to commence within 30 days of closing of the offering.
Sotherly Hotels is a self-managed and self-administered lodging real estate investment trust. Co. owns, acquires, renovates and repositions hotel properties located in primary markets in the mid-Atlantic and southern U.S. Co. conducts its business through Sotherly Hotels LP, its operating partnership (the Operating Partnership), of which Co. is the general partner. Co.'s portfolio consists of several hotels located in various states and interests in several condominium hotels and their associated rental programs. All of Co.'s hotels are wholly-owned by subsidiaries of the Operating Partnership and are managed on a day-to-day basis by Our Town Hospitality, LLC.
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Avg. Broker Rec.
 
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Buy (3.00 out of 4) 18th percentile
(ranked lower than approx. 82% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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