Innovative Industrial Properties, Inc. (NYSE:IIPR) announced today the pricing of an underwritten public offering of 1.58 million shares of its common stock at $190 per share for gross proceeds of approximately $300 million.
The offering is expected to close on or about April 5, 2022, subject to customary closing conditions.
The company has also granted the underwriters a 30-day option to purchase up to an additional 236,842 shares of its common stock. All of the shares are being sold by the company.
IIP intends to use the net proceeds from this offering to invest in specialized industrial real estate assets used in the regulated cannabis industry that are consistent with its investment strategy, and for general corporate purposes.
BTIG, LLC is acting as sole book-running manager for the offering. Piper Sandler & Co., Roth Capital Partners and Compass Point Research & Trading, LLC are acting as co-lead managers for the offering.
The offering of the Company’s common stock will be made only by means of a prospectus supplement and the accompanying prospectus.
Price Action
Innovative Industrial Properties shares traded 5.70% lower at $11.7 per share during the pre-market session on Friday morning.
Photo: Courtesy of Jason Briscoe on Unsplash
