Cottonwood Communities Increases Private Preferred Stock Offering Size
October 19, 2021 | James Sprow | Blue Vault
On October 13, 2021, Cottonwood Communities, Inc filed with the State Department of Assessments and Taxation of Maryland Articles Supplementary to classify and designate 2,500,000 additional shares of authorized but unissued preferred stock as shares of Series 2019 Preferred Stock in connection with the determination by the board of directors of the Company to increase the offering size of the Company’s private offering to $125,000,000. There were no changes made to the preferences, limitations, powers and relative rights of the Series 2019 Preferred Stock.
On November 8, 2019, Cottonwood Communities, Inc. launched a best-efforts private placement offering exempt from registration pursuant to Rule 506(b) of Regulation D of the Securities Act pursuant to which it initially offered a maximum of $50,000,000 in shares of its Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share (with discounts available to certain categories of purchasers).
The board of directors of the Company approved an increase in the size of the Private Offering to $100,000,000 on March 23, 2021 and to $125,000,000 on October 7, 2021. The exemption is available to the Company because the shares are being offered and sold solely to accredited investors without the use of general solicitation.
Source: SEC
