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Presidio Property Trust Announces the Closing of $10 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

By: Presidio Property Trust via AccessWire

July 14, 2021 at 16:05 PM EDT

SAN DIEGO, CA / ACCESSWIRE / July 14, 2021 / (NASDAQ: SQFT)(NASDAQ: SQFTP) Presidio Property Trust, an internally managed, diversified real estate investment trust ("REIT"), today announced that it closed the registered direct offering of 1,000,000 shares of Series A its common stock ("Common Stock"), warrants ("Common Stock Warrants") to purchase up to 1,000,000 shares of Common Stock, and pre-funded warrants ("Pre-Funded Warrants") to purchase up to 1,000,000 shares of Common Stock. Each share of Common Stock and accompanying Common Stock Warrant were sold together at a combined offering price of $5.00, and each share of Common Stock and accompanying Pre-Funded Warrant were sold together at a combined offering price of $4.99. The Pre-Funded Warrants are immediately exercisable at a nominal exercise price of $0.01 and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. The Common Stock Warrants have an exercise price of $5.50 per share, are exercisable immediately, and will expire five years from the date of issuance.

The net proceeds to the Company after deducting placement agent fees and the estimated offering expenses (including the approximately $4.6 million of net proceeds from the issuance of Pre-Funded Warrants and the Common Stock Warrants issued in the concurrent private placement) are expected to be approximately $9.1 million. The Company intends to use the net proceeds from the offering for working capital and for other general corporate purposes, including to potentially acquire additional properties.

A.G.P./Alliance Global Partners acted as sole placement agent for the offering. The Benchmark Company LLC acted as a financial advisor in connection with the offering.

This offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-251779) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement describing the terms of the proposed offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Presidio Property Trust

Presidio is an internally managed, diversified REIT with holdings in office, industrial, and retail properties, and model home properties which are triple-net leased to homebuilders. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida and its office, industrial and retail properties are located primarily in Colorado, with properties also located in North Dakota and in Southern California. While geographical clustering of real estate enables Presidio to reduce its operating costs through economies of scale by servicing a number of properties with less staff, it makes Presidio susceptible to changing market conditions in these discrete geographic areas, including those that have developed as a result of COVID-19. For more information on Presidio, please visit the Company's website at https://www.PresidioPT.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Except as required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K and prospectus supplement relating to the offering and in the Company's other documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.

Investor Relations Contacts:

Presidio Property Trust, Inc.
Lowell Hartkorn, Investor Relations
LHartkorn@presidiopt.com
Telephone: (760) 471-8536 x1244

SOURCE: Presidio Property Trust

View source version on accesswire.com:
https://www.accesswire.com/655578/Presidio-Property-Trust-Announces-the-Closing-of-10-Million-Registered-Direct-Offering-Priced-At-The-Market-Under-Nasdaq-Rules

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Presidio Property Trust Announces the Closing of $10 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

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