Presidio Property Trust Inc (NASDAQ:SQFT) is moving lower again in the pre-market session on Thursday, pullick back from its monthly gain of 30%.
Major Trigger:
Presidio Property Trust Announces Pricing of Its Upsized Public Offering of Preferred Stock
Key Highlights:
announced the pricing of its public offering of 800,000 shares of its Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) at a price to the public of $25.00 per share. Gross proceeds from the offering are expected to be approximately $20.0 million, before deducting offering expenses.
The shares of Series D Preferred Stock are expected to start trading on The Nasdaq Capital Market on June 11, 2021, under the symbol “SQFTP”. The offering is expected to close on or about June 15, 2021, subject to the satisfaction of customary closing conditions.
The offering of the Series D Preferred Stock will be made only by means of a prospectus. A registration statement on Form S-11, as amended (File No. 333-256150), and a registration statement on Form S-11 MEF (File No. 333-257002) relating to the offering were declared effective by the Securities and Exchange Commission (“SEC”) on June 10, 2021.
The Benchmark Company, LLC is acting as sole bookrunning manager for the offering. Aegis Capital Corp., Colliers Securities LLC and Spartan Capital Securities, LLC are acting as co-managers. Presidio has granted the underwriters a 45-day option to purchase up to an additional 120,000 shares of Series D Preferred Stock to cover over-allotments, if any.
Market Reaction
As of 7:01, SQFT stock fell 3.50% to $4.16. So far the stock has traded 2K shares traded hands.
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