CTO Realty Growth Announces Public Offering of Common Stock
CTO Realty Growth has launched a public offering of 2,500,000 shares of its common stock, with an option for underwriters to purchase an additional 375,000 shares. The proceeds will primarily fund a $96 million mixed-use acquisition under contract. If this acquisition does not close, funds may be used for other acquisitions, general corporate purposes, and debt repayment. Wells Fargo Securities and Raymond James are managing the offering, with shares available under an existing shelf registration.
- Launch of public offering for 2,500,000 shares raises potential for capital influx.
- Intended use of proceeds for a $96 million acquisition indicates growth strategy.
- Possible dilution of existing shares due to new stock offering.
- Dependence on successful acquisition completion for optimal use of funds.
WINTER PARK, Fla., Nov. 30, 2022 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company”) today announced that it has commenced an underwritten public offering of 2,500,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 375,000 shares of its common stock.
The Company intends to use the net proceeds from this offering to fund a portion of the
All shares of common stock will be offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission. The offering of these shares will be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting: Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001, Attention: Equity Syndicate Department, telephone: (800) 326-5897, email: cmclientsupport@wellsfargo.com; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone (800) 248-8863, email: prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or a 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 externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.
Safe Harbor
This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by 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 the factors set forth under “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, 2021, which can be accessed at the Securities and Exchange Commission’s website at www.sec.gov. All forward-looking statements speak only as of the date on which they are made. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s views only as of the date of this press release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this press release. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future developments or otherwise.
| Contact: | Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (407) 904-3324 mpartridge@ctoreit.com |
FAQ
What is the purpose of CTO's public offering?
How many shares is CTO Realty Growth offering?
Who is managing CTO's public stock offering?
What could happen if the acquisition does not close?
