LuxUrban Hotels Inc., which secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) under which it manages the hotel and rents out, on a short-term basis, rooms to business and vacation travelers, announced the launch of a proposed follow-on public offering of shares of its common stock. The company also intends to grant the underwriters a 45-day option to purchase up to an additional 15% of the shares of common stock sold in this offering.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering. Alexander Capital L.P. is acting as sole book-running manager for the offering.
The company intends to use the proceeds from the proposed public offering for working capital and other general corporate purposes.
