ACRES Commercial Realty Corp. Announces Launch of Public Offering of Series D Cumulative Redeemable Preferred Stock
WESTBURY, NY, May 13, 2021 / PRNewswire / – ACRES Commercial Realty Corp. (NYSE: ACR) (the “Company”) today announced the commencement of a public offering of shares of its accumulated redeemable Series D Preferred Stock (the “Preferred Stock”) with an a $ 25.00 Liquidation preference per share. The Company intends to use the net proceeds from the Offering for lending and general corporate purposes.
The company intends to apply to list the preferred stock on the New York Stock Exchange under the ticker symbol “ACR PrD”.
Raymond James & Associates, Inc. is acting as sole book-running manager for the offering.
A shelf registration statement on Form S-3, including a prospectus relating to the Preferred Stock, has been filed with the SEC and has been declared effective. The offer is being made only on the basis of a preliminary prospectus addendum and the prospectus filed today by the Company with the SEC.
Copies of the preliminary supplement and the attached prospectus and the final supplement, if available, can be obtained from Raymond James & Associates, Inc., Attn: Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, call (800) 248-8863, or visit the SEC’s website at www.sec.gov in the company’s name.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor may a sale of these securities take place in any state or jurisdiction in which such offer, solicitation or sale is prior to Registration or illegal would qualify under the securities laws of such state or jurisdiction.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a real estate investment trust primarily focused on the issuing, holding and management of commercial real estate mortgage loans and other commercial real estate-related debt. The company is externally owned by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private commercial real estate lender devoted solely to nationwide CRE lending for the middle class, with a focus on multi-family, student housing, hospitality, industrial and office real estate, led US markets. For more information, please contact Investor Relations at [email protected].
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “trend”, “will”, “continue”, “expect”, “intend”, “anticipate”, “estimate”. “Believe,” “pleased,” or other similar words or expressions. These “forward-looking” statements contain statements that address, among other things, the proposed offer of preferred shares, the expected use of the net proceeds from the offer, and the Company’s expectations regarding market conditions For an offering of the preferred stock. Because such statements involve risks, uncertainties and contingent liabilities, actual results could differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Investors should consult the Carefully weigh the Company’s investment objectives, risks and costs before investing. The Provisional Supplement and Prospectus contain this and other information about the Company and should be read carefully prior to investing. The information in the Provisional Prospectus kt and this press release are not exhaustive and are subject to change.
Factors that could affect future results are discussed in the Company’s filings with the SEC from time to time. The company undertakes no obligation to update or revise any forward-looking statements to reflect new or changing information or events after the date of this document, or to reflect the occurrence of unexpected events, except as required by law.
SOURCE ACRES Commercial Realty Corp.
