By Daniel Webster, dWeb.News Publisher
OAK BROOK, Ill.–(BUSINESS WIRE)–InPoint Commercial Real Estate Income, Inc., a Maryland corporation (the “Company”), announced today the pricing of its underwritten public offering of 3,500,000 shares of its 6. 75% Series A Cumulative Redeemable Preferred Stock, par value $0. 001 per share (the “Series A Preferred Stock”) at a public offering price of $25. 00 per share. To meet strong investor demand, the Company decided to increase the share offering after the marketing period. In addition, the Company has granted the underwriters a 30-day option to purchase an additional 525,000 shares of the Series A Preferred Stock to cover over-allotments, if any. The Series A Preferred Stock will have a $25. 00 per share liquidation preference. The Company will receive gross proceeds of $87.5 million (or approximately $100.6 million if the underwriters exercise their over-allotment option in full) from the sale of the Series A Preferred Stock, before deducting the underwriting discounts and other estimated offering expenses. The offering is expected to close on September 22, 2021, subject to customary closing conditions.
According to customary closing conditions, the Company will contribute net proceeds from this offering to InPoint REIT Operating Partnership LP. This partnership intends to use net proceeds to acquire targeted assets in accordance with its investment strategies, investment guidelines, and general corporate purposes.
The Series A Preferred Stock is expected to be listed on the New York Stock Exchange under the symbol “ICR PR A” and to trade thereon within 30 days of the original issue date.
Raymond James & Associates, Inc. acts as the sole book-running administrator.
The press release is not intended to be an offer to sell, solicitation, or sale of the Series A preferred stock referred to in the press release. This offer, solicitation, or sale will not be made in any state or country in which it would be illegal to do so prior to registration or qualification under securities laws. The Securities and Exchange Commission (“SEC”) has declared the Series A Preferred Stock registered.
The prospectus will only be used to offer the securities. Copies of the preliminary prospectus relating to the offering may be obtained for free by visiting the SEC’s website at http://www.sec.gov or may be obtained from Raymond James at Attn: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, by telephone at (800) 248-8863. The preliminary prospectus contains a description of these matters and other important information about the Company and should be read carefully before investing. InPoint Commercial Real Estate Income, Inc .
The InPoint Commercial Real Estate Income, Inc. seeks to create, acquire, and manage a diverse credit portfolio that is secured by commercial real property properties, primarily in the United States.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements about the Company’s business, including, in particular, statements about the Company’s plans, strategies and objectives and the public offering of its preferred stock. Forward-looking statements can be identified by the Company’s use forward-looking terminology like “may”, “will,”
Cautionary Notice Regarding Forward-Looking Statements
. This press release contains forward-looking statements about the Company’s business, including statements regarding its plans, strategies and objectives. These statements contain the Company’s future plans and objectives, as well as plans and objectives related to future growth and funding. They are based upon current expectations, which involve many risks and uncertainties. These statements are based on assumptions about future economic, competitive, market and business conditions. Many of these factors are impossible or impossible to predict, and many of them are out of the Company’s hands. The Company believes that the assumptions behind the forward looking statements and the statements themselves are reasonable. However, any assumptions could prove to be incorrect and the Company’s actual results and performance may differ materially from those implied or expressed in these forward-looking statement. These forward-looking statements are subject to significant uncertainties. The inclusion of such information should not be taken as a guarantee that the Company’s plans and objectives, which it believes reasonable, will be realized. There are many factors that could cause actual results not to match the Company’s expectations, including market conditions, satisfaction of customary closing requirements related to the offering, and changes in economic conditions and real estate markets.
You should carefully review the “Risk Factors” section of the Company’s prospectus, which is included in the Company’s Registration Statement on Form S-11 (File No. 333-258802) filed with the SEC, as well as those risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 19, 2021, and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as filed with the SEC on May 14, 2021, for a discussion of the risks and uncertainties that the Company believes are material to its business, operating results, prospects and financial condition. The Company disclaims any obligation to update or revise forward-looking statements except as required by federal securities law.
More dWeb.News Business News at https://dweb.news/news-sections/business-news/