Sotherly Hotels Inc. Announces Closing of Offering of Series C Cumulative Redeemable Perpetual Preferred StockPosted on October 11, 2017 in
WILLIAMSBURG, Va., Oct. 11, 2017 (GLOBE NEWSWIRE) — Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced it has closed its underwritten public offering of 1,200,000 shares of its 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) for total expected net proceeds of approximately $27,955,000 after deducting the underwriting discounts and commissions and estimated offering-related expenses payable by the Company. The Company has granted the underwriters a 30-day option to purchase up to an additional 180,000 shares of Series C Preferred Stock to cover over-allotments, if any, at the public offering price of $25.00 per share. The Series C Preferred Stock has been approved for listing on the NASDAQ under the symbol “SOHOO” and trading is expected to commence within 30 days of closing of the offering.
Contact at the Company:
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185