BOSTON--(BUSINESS WIRE)--Plymouth Industrial REIT, Inc. (“Plymouth”) today announced the commencement of an initial public offering of 3,750,000 shares of its common stock. Plymouth intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 562,500 shares. The initial public offering price is expected to be between $19.00 and $21.00 per share. Plymouth’s common stock has been approved for listing, subject to official notice of issuance, on the NYSE MKT under the symbol “PLYM.”
Plymouth intends to use approximately $20.0 million of the net proceeds from the offering to redeem preferred equity interests issued by one of its subsidiaries and the remaining proceeds to acquire and manage industrial properties and for general corporate purposes.
The offering is being made through an underwriting group led by D.A. Davidson & Co., BB&T Capital Markets and Oppenheimer & Co., who are acting as joint book-running managers for the offering. Janney Montgomery Scott and National Securities Corporation are acting as the co-lead managers, and Wedbush Securities is acting as co-manager.
A registration statement on Form S-11, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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 or jurisdiction.
The offering of these securities may only be made by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained by contacting D.A. Davidson & Co. toll-free at 1-800-332-5915 or by emailing email@example.com.
This press release includes “forward-looking statements,” including with respect to the proposed initial public offering and Plymouth’s proposed use of proceeds. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Plymouth is a full service, vertically integrated, self-administered and self-managed real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the United States.