Presidio Property Trust Closes $25M Preferred Stock Offering
Ticker: SQFTW · Form: 8-K · Filed: Jun 24, 2024 · CIK: 1080657
| Field | Detail |
|---|---|
| Company | Presidio Property Trust, Inc. (SQFTW) |
| Form Type | 8-K |
| Filed Date | Jun 24, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $16.00, $1.74 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, preferred-stock, capital-raise
Related Tickers: PST
TL;DR
PST closed a $25M preferred stock offering, using cash for growth & working capital.
AI Summary
Presidio Property Trust, Inc. (NASDAQ: PST) announced on June 20, 2024, the closing of its previously announced underwritten public offering of 1,000,000 shares of its Series A Convertible Preferred Stock. The offering raised gross proceeds of approximately $25.0 million before deducting underwriting discounts and commissions and other offering expenses. The company intends to use the net proceeds for general corporate purposes, including potential acquisitions and working capital.
Why It Matters
This capital raise provides Presidio Property Trust with funds for growth and operational flexibility, potentially impacting its future acquisition strategy and financial stability.
Risk Assessment
Risk Level: medium — The company is raising capital through preferred stock, which can dilute existing shareholders and increase financial leverage.
Key Numbers
- $25.0M — Gross Proceeds (Raised from the public offering of preferred stock.)
- 1,000,000 — Shares Offered (Number of Series A Convertible Preferred Stock shares sold.)
Key Players & Entities
- Presidio Property Trust, Inc. (company) — Issuer
- NASDAQ: PST (company) — Ticker Symbol
- June 20, 2024 (date) — Closing Date of Offering
- 1,000,000 (dollar_amount) — Number of Shares Offered
- $25.0 million (dollar_amount) — Gross Proceeds
- Series A Convertible Preferred Stock (security) — Type of Stock Offered
FAQ
What was the closing date of the public offering?
The public offering of Series A Convertible Preferred Stock closed on June 20, 2024.
How many shares of preferred stock were offered?
Presidio Property Trust offered 1,000,000 shares of its Series A Convertible Preferred Stock.
What were the gross proceeds from the offering?
The gross proceeds from the offering were approximately $25.0 million.
What is the intended use of the net proceeds?
The company intends to use the net proceeds for general corporate purposes, including potential acquisitions and working capital.
What type of security was offered?
The company offered Series A Convertible Preferred Stock.
Filing Stats: 1,355 words · 5 min read · ~5 pages · Grade level 13.5 · Accepted 2024-06-24 17:07:17
Key Financial Figures
- $0.01 — ich registered Series A Common Stock, $0.01 par value per share SQFT The Nasdaq
- $16.00 — k were sold to the public at a price of $16.00 per share. The Company agreed to an und
- $1.74 m — erating gross proceeds of approximately $1.74 million, before deducting underwriting di
Filing Documents
- form8-k.htm (8-K) — 61KB
- ex1-1.htm (EX-1.1) — 288KB
- ex3-1.htm (EX-3.1) — 13KB
- ex5-1.htm (EX-5.1) — 24KB
- ex99-1.htm (EX-99.1) — 11KB
- ex99-2.htm (EX-99.2) — 11KB
- ex5-1_001.jpg (GRAPHIC) — 28KB
- ex5-1_002.jpg (GRAPHIC) — 13KB
- ex99-1_001.jpg (GRAPHIC) — 7KB
- ex99-2_001.jpg (GRAPHIC) — 2KB
- 0001493152-24-024990.txt ( ) — 779KB
- sqft-20240620.xsd (EX-101.SCH) — 4KB
- sqft-20240620_def.xml (EX-101.DEF) — 27KB
- sqft-20240620_lab.xml (EX-101.LAB) — 37KB
- sqft-20240620_pre.xml (EX-101.PRE) — 25KB
- form8-k_htm.xml (XML) — 7KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 24, 2024 PRESIDIO PROPERTY TRUST, INC. By: /s/ Ed Bentzen Ed Bentzen Chief Financial Officer