Friday, July 19, 2024 LuxUrban 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..
