Innovative Industrials Properties (NYSE: IIPR) announced pricing of 600,000 shares of its 9% Series A Cumulative Redeemable Preferred Stock at $25 per share. The stock has par value of $0.001 per share. The offering will raise $15 million.
The company will use the proceeds to invest in real estate for the medical cannabis industry. A prospectus is available at firstname.lastname@example.org
The company will list the preferred stock on the New York Stock Exchange under the symbol IIPRPrA. Ladenburg Thalman & Co and National Securities Corp. will act as joint managers.
Innovative Properties is a Maryland corporation focused on ownership and management of properties leased to the cannabis industry.
Source: Innovative Properties Press Release