WESTBURY, NY, May 14, 2021 / PRNewswire / – ACRES Commercial Realty Corp. (NYSE: ACR) (the “Company”) today announced the public offering price of 2,400,000 shares of its newly designated 7.875% Cumulative Redeemable Preferred Shares Series D (the “Shares”). privileged ”) at a public offering price of $ 25.00 per share. The Company has also granted the underwriters a 30-day option to purchase up to 360,000 additional shares of the Preferred Share at the public offering price, less subscription discounts and commissions. The preferred share will have a $ 25.00 liquidation preference by share. The Company will receive gross proceeds of $ 60.0 million from the sale of the preferred shares before deducting the subscription discount and other estimated offering costs. The offer is expected to close on May 21, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds of this offering to make loan initiations in accordance with its investment policies and for general corporate purposes.
The Company intends to file an application to list the Preferred Share on the New York Stock Exchange under the symbol “ACR PrD”.
Raymond James & Associates, Inc. acts as the sole manager of the accounting for the offering.
A pre-registration statement on Form S-3, including a prospectus, relating to the preferred share has been filed and declared effective by the United States Securities and Exchange Commission (“SEC”). The offer was made only by way of a preliminary prospectus supplement and related prospectus filed by the Company with the SEC.
Copies of the final prospectus supplement and accompanying prospectus, when available, can be obtained from Raymond James & Associates, Inc., Attn .: Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, by phone at (800) 248-8863, or by visiting the SEC website at www.sec.gov under the name of the company.
This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, nor any sale of such securities in any state or jurisdiction where such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of those states or jurisdictions.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a real estate investment trust that primarily focuses on the granting, holding and management of commercial real estate mortgages and other debt investments related to commercial real estate. The company is managed externally by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private commercial real estate lender exclusively dedicated to mid-market CRE loans nationwide with a focus on multi-family housing, student housing , hospitality, industrial and office buildings in top US markets. For more information, please contact Investor Relations at [email protected]
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified by our use of forward-looking terms such as “may”, “trend”, “will”, “continue”, “expect”, “intend”, “anticipate”, “estimate”. “,” “Believe”, “look ahead” or other words or similar terms. These “forward-looking” statements include statements relating, among other things, to the offering of preferred shares, to the intended use of the proceeds. net of the offer and the Company’s expectations regarding the closing of the offer. As such statements include risks, uncertainties and contingencies, actual results may differ materially from expectations, intentions, beliefs, plans or predictions. for the future expressed or implied by such forward-looking statements. Investors should carefully consider the investment objectives, risks and expenses of the Company before investing. The Prospectus Supplement and accompanying Prospectus contain include this and other information about the company and should be read carefully before investing.
Factors that may affect future results are discussed in documents filed from time to time by the Company with the SEC. The Company assumes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unforeseen events, except as required by law.
SOURCE ACRES Commercial Realty Corp.
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