Axonic Capital Amends Power REIT Stake

TL;DR

Axonic Capital just updated their Power REIT stake. Watch this space.

AI Summary

Axonic Capital LLC, through its filing on September 11, 2024, has amended its Schedule 13D regarding Power REIT. The filing indicates a change in beneficial ownership, with Axonic Capital LLC now holding a significant stake in Power REIT's common shares.

Why It Matters

This amendment signals a potential shift in control or influence over Power REIT, which could impact its strategic direction and shareholder value.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor intent or a shift in major shareholder positions, potentially leading to volatility.

Key Players & Entities

• Axonic Capital LLC (company) — Filing entity
• Power REIT (company) — Subject company
• Jess Saypoff (person) — Authorized contact for Axonic Capital LLC
• September 11, 2024 (date) — Filing date
• September 9, 2024 (date) — Date of event requiring filing

FAQ

Key Financial Figures

• $0.001 — REIT (Name of Issuer) Common Shares, $0.001 par value per share (Title of Class o

Filing Documents

• ea0214276-13da1axonic_power.htm (SC 13D/A) — 49KB
• 0001213900-24-077814.txt ( ) — 50KB

of the Schedule 13D

Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On September 9, 2024, Axonic Capital entered into a mutual nondisclosure agreement (the “Mutual Nondisclosure Agreement”) with the Issuer to facilitate discussions with the Issuer. The Mutual Nondisclosure Agreement contains standard provisions relating to the nondisclosure of certain confidential information, subject to certain exceptions. The Mutual Nondisclosure Agreement includes, among other things, a customary standstill provision (the “Standstill Provision”) that will remain in effect until July 31, 2025 (the “Standstill Term”). The terms of the Standstill Provision provide, among other things, that during the Standstill Term, Axonic Capital will not, and will not encourage or assist others to, acquire or offer, seek, propose or agree to acquire, directly or indirectly, by purchase or otherwise, (A) any shares of the Issuer’s Series A Cumulative Redeemable Perpetual Preferred Stock or (B) in excess of a specified percentage, the outstanding common shares, $0.001 par value per share, of the Issuer. The Standstill Provision also prohibits Axonic Capital from publicly proposing or disclosing an intent to propose any form of extraordinary transaction relating to the Issuer, participating in any solicitation of proxies to vote the securities of the Issuer, participating in a “group” within the meaning of Section 13(d)(3) of the Act with respect to any voting securities of the Issuer, entering into discussions, negotiations, arrangements or understandings with third parties (other than the Issuer or its representatives) with respect to the foregoing and acting, alone or in concert with others, to seek control of the management or Board of the Issuer. The Standstill Term automatically terminates under certain circumstances, including in the event the Issuer becomes insolvent, enters into a debt restructuring transaction with Axonic Capit

(a) – (b) are

Item 5 (a) – (b) are hereby amended and restated as follows: (a) – (b). The information required for each Reporting Person by Item 5 (a) – (b) is set forth in Rows 7 – 13 on pages 1 and 2 of this Schedule 13D and is incorporated herein by reference, respectively, for each Reporting Person. The information with respect to the percentage of the outstanding Common Shares beneficially owned by the Reporting Persons set forth in this Schedule 13D is calculated based on 3,389,961 outstanding Common Shares as of August 26, 2024, as reported in the Issuer’s Definitive Proxy Statement filed with the SEC on August 30, 2024. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

of the Schedule 13D

Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The description of the Mutual Nondisclosure Agreement contained in Item 4 hereto is incorporated by reference into this Item 6. 4

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: September 11, 2024 Axonic Capital LLC By: /s/ Clayton DeGiacinto Name: Clayton DeGiacinto Title: Authorized Signatory By: /s/ Clayton DeGiacinto Name: Clayton DeGiacinto In his capacity as managing member of Axonic Capital LLC 5

View Full Filing

View this SC 13D/A filing on SEC EDGAR