Power REIT Announces Additional Terms for Rights Offering to Existing Common Shareholders to Raise Capital for Acquisitions
December 23 2020 - 5:00AM
Power REIT (NYSE-AMEX: PW and PW.PRA) (“Power REIT” or the “Trust”)
today announced additional information related to its previously
announced rights offering (the “Rights Offering”). Power REIT
intends to conduct the Rights Offering to offer existing holders of
its Common Shares the ability to participate in providing capital
to the Power REIT on a non-dilutive basis. The proceeds are
intended to be used primarily to finance acquisitions of real
property assets, in particular real estate within the Controlled
Environment Agriculture (“CEA”) sector, and to fund the Trust’s
subsidiaries.
As previously announced, Power REIT established
December 28, 2020 at 5:00 PM Eastern Time as the record date (the
“Record Date”) for the Rights Offering. Upon commencement of the
Rights Offering, the Trust plans to distribute one right (a
“Right”) for each Common Share held as of the Record Date. Each
Right will enable the holder to purchase one additional share of
Power REIT’s common stock. Additionally, Rights holders who fully
exercise their allocated Rights may subscribe for additional shares
of our Common Shares through an Over-Subscription Privilege.
Power REIT has established a subscription price
of $26.50 per share for each Right. The price was set at a discount
to the recent trading of Power REIT’s common shares.
A Registration Statement and Amended
Registration Statement relating to these securities have been filed
with the Securities and Exchange Commission but has not yet become
effective. The Trust may not accept any offers to purchase Power
REIT Common Shares pursuant to the Rights Offering prior to the
time the Registration Statement becomes effective.
This Press Release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
ABOUT POWER REIT
Power REIT is a real estate investment trust
(REIT) that owns real estate related to infrastructure assets
including properties for Controlled Environment Agriculture,
Renewable Energy and Transportation. Power REIT is actively seeking
to expand its real estate portfolio related to Controlled
Environment Agriculture.
Additional information about Power REIT can be
found on its website: www.pwreit.com
CAUTIONARY STATEMENT ABOUT
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. In some cases, forward-looking statements can be
identified by terminology such as "may," "should," "potential,"
"continue," "expects," "anticipates," "intends," "plans,"
"believes," "estimates," and similar expressions. These
forward-looking statements are based on management's expectations
and assumptions as of the date of this press release and are
subject to a number of risks and uncertainties, many of which are
difficult to predict that could cause actual results to differ
materially from current expectations and assumptions from those set
forth or implied by any forward-looking statements. Important
factors that could cause actual results to differ materially from
current expectations include, among others, the Company’s ability
to raise capital through the Rights Offering as planned, the
Company’s ability to position itself for future profitability, the
Company’s ability to maintain compliance with the NYSE-AMEX listing
requirements, and the other factors discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019 and
the Company’s subsequent filings with the SEC, including subsequent
periodic reports on Forms 10-Q and 8-K. The information in this
release is provided only as of the date of this release, and we
undertake no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
CONACT:
David H. Lesser, Chairman & CEO |
Mary Jensen, Investor Relations |
dlesser@pwreit.com |
mary@irrealized.com |
212-750-0371 |
310-526-1707 |
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301 Winding RoadOld Bethpage, NY
11804 |
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www.pwreit.com |
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