Sotherly Hotels Inc. Announces Pricing of Offering of Series C Cumulative Redeemable Perpetual Preferred Stock OfferingPosted on October 3, 2017 in
WILLIAMSBURG, Va., Oct. 03, 2017 (GLOBE NEWSWIRE) — Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced the pricing of 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 gross proceeds of approximately $30,000,000 before underwriting discounts and commissions and 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 being offered to cover over-allotments, if any, at the public offering price of $25.00 per share of the Series C Preferred Stock. The offering is expected to close on or about October 11, 2017, subject to customary closing conditions. The Company has filed an application to list the Series C Preferred Stock on the NASDAQ under the symbol “SOHOO” and trading is expected to commence within 30 days of closing of the offering.
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Contact at the Company:
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185