Indus Announces Launch of Public Offering of 1,750,000 Shares of Common Stock

Rhea-AI Summary

INDUS Realty Trust, Inc. (NASDAQ: INDT) has announced an offering of 1,750,000 shares of common stock, with a provision for underwriters to purchase an additional 262,500 shares. The proceeds are intended for financing development projects and acquisitions, as well as other corporate needs. The offering is being led by Morgan Stanley and Citigroup, under an existing shelf registration with the SEC. The company warns that completion of the offering and its intended use are subject to various conditions beyond its control.

Positive

• Intended use of net proceeds includes financing development pipeline and acquisitions.
• Co-lead managers are reputable firms: Morgan Stanley and Citigroup.

Negative

• Issuance of new shares may lead to shareholder dilution.

NEW YORK, March 01, 2021 (GLOBE NEWSWIRE) -- INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) today announced that it has commenced an offering of 1,750,000 shares of common stock. The Company also plans to grant the underwriters a 30-day option to purchase up to 262,500 additional shares of common stock. INDUS intends to use the net proceeds from the offering to finance its development pipeline and acquisitions and for other corporate purposes.

Morgan Stanley and Citigroup are acting as co-lead joint book-running managers for the proposed offering. Baird is acting as bookrunner and BTIG, JMP Securities and J.P. Morgan are acting as co-managers for the proposed offering.

The proposed offering is being made pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website. The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Citigroup, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 800-831-9146 or by email at prospectus@citi.com; or by visiting the EDGAR database on the SEC’s web site at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s 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 the registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements:

This Press Release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements, including relating to the completion of the proposed offering on the date and terms described, if at all, and INDUS’s intended use of the net proceeds from the proposed offering, are based upon the Company’s present expectations, but the events described in these statements are not guaranteed to occur. These forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section in INDUS’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020 filed with the SEC on February 18, 2021. INDUS disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law. Investors should not place undue reliance upon forward-looking statements.

CONTACT:
Anthony Galici
Chief Financial Officer
(860) 286-1307
agalici@indusrt.com

Ashley Pizzo
Director, IR & Capital Markets
(212) 218-7914
apizzo@indusrt.com

FAQ

What is the stock offering announced by INDUS Realty Trust on March 1, 2021?

INDUS Realty Trust announced an offering of 1,750,000 shares of common stock with an option for underwriters to purchase an additional 262,500 shares.

How will INDUS Realty Trust use the proceeds from the stock offering?

The proceeds from the offering will be used to finance the company's development pipeline, acquisitions, and other corporate purposes.

Who are the underwriters for INDUS Realty Trust's stock offering?

Morgan Stanley and Citigroup are acting as co-lead joint book-running managers for the offering.

Is the stock offering by INDUS Realty Trust subject to risks?

Yes, the offering and its intended use are subject to conditions and risks beyond the company's control, as detailed in their SEC filings.

What risks are associated with the stock offering by INDUS Realty Trust?

The completion of the offering and the intended use of proceeds are uncertain and subject to market conditions and other factors.