Friday, July 19, 2024
Reading Time: < 1 minuteLuxUrban Hotels Inc. which fortifies long-term operating rights for all hotels
through Master Lease Agreements under which it administers the hotel as well as
rents out rooms to business and vacation travelers on short-term basis, has
unveiled today that the underwriter of its underwritten public offering has
worked out its choice in terms of over-allotment in full to buy extra 4,500,000
shares of the common stock of the company at the public offering price of $0.17
each share.
The company after giving shape to the full exercise of the over-allotment option,
sold 34,500,000 shares of its common stock for collective gross proceeds of
$5,865,000, before countersigning reductions and commissions and projected
offering outlays payable by the Company.
For the offering, Alexander Capital, L.P. acted as the only book-running manager.
The company aims to make use of the proceeds from the contribution for working
capital and other general corporate determinations.
All the shares of common stock were offered by the Company pursuant to a shelf
registration statement on Form S-3 with the number 333-278883, filed with the
Securities and Exchange Commission and declared effective on May 8, 2024. This
press release shall not be considered as an offer to sell or buy any of these
securities.