CTO Realty Growth Announces Launch of Public Offering of Series A Cumulative Redeemable Preferred Stock
CTO Realty Growth has announced a public offering of its Series A Cumulative Redeemable Preferred Stock at a liquidation preference of $25.00 per share. The proceeds are intended for general corporate purposes, including property acquisitions and debt repayment. CTO aims to list the shares on the NYSE under the ticker symbol 'CTO PrA.' The offering will be conducted under the existing shelf registration statement and managed by several financial institutions, including Wells Fargo Securities and BMO Capital Markets.
- Public offering of Series A Preferred Stock could attract significant investment.
- Intended use of proceeds for acquisitions may enhance portfolio and growth potential.
- Offering may lead to shareholder dilution if new shares are issued.
- Dependence on market conditions could affect the success of the offering.
DAYTONA BEACH, Fla., June 28, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE: CTO) (“CTO” or the “Company”) today announced the launch of a public offering of shares of its Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) with a
CTO intends to file an application to list the Series A Preferred Stock on the New York Stock Exchange under the ticker symbol “CTO PrA.”
Wells Fargo Securities, LLC, BMO Capital Markets Corp. and BTIG, LLC are acting as joint book-running managers for the offering. B. Riley Securities, Inc., Janney Montgomery Scott LLC, Robert W. Baird & Co. Incorporated and Compass Point Research & Trading, LLC are acting as co-managers for the offering.
The Series A Preferred Stock will be offered under the Company’s existing shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, or by telephone at (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036, or by telephone at (800) 414-3627, or by email at bmoprospectus@bmo.com; and BTIG, LLC, 65 East 55th Street, New York, NY, 10022, or by telephone at (212) 593-7555, or by email at prospectusdelivery@btig.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also owns an approximate
Safe Harbor
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Examples of forward-looking statements in this press release include, without limitation, statements regarding the proposed offering of the Series A Preferred Stock, the expected use of the net proceeds from the offering, the listing of the shares of Series A Preferred Stock on the New York Stock Exchange and the Company’s expectations concerning market conditions for an offering of the Series A Preferred Stock.
Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. No assurance can be given that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated. Consummation of the offering and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it, including, without limitation, market conditions and those described under the heading “Risk Factors” in the prospectus supplement relating to the offering and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which can be accessed at the SEC’s website at www.sec.gov.
There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
| Contact: | Matthew M. Partridge Senior Vice President and Chief Financial Officer (386) 944-5643 mpartridge@ctoreit.com |
FAQ
What is the purpose of CTO's public offering of Series A Preferred Stock?
What is the liquidation preference of the Series A Preferred Stock being offered by CTO?
When does CTO plan to list its Series A Preferred Stock on the NYSE?
Who are the joint book-running managers for CTO's offering?
How will the Series A Preferred Stock be offered?
