Cottonwood Communities Inc.
08/13/2024 | Press release | Distributed by Public on 08/13/2024 13:54
Private Placement Form 8 K
Item 3.02 Unregistered Sales of Equity Securities.
Preferred Offering
On September 19, 2023, Cottonwood Communities, Inc. (the "Company") 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 is offering a maximum of $150,000,000 in shares of its Series A Convertible Preferred Stock to accredited investors (the "Private Offering") at a purchase price of $10.00 per share. 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.
During the period from August 2, 2024 through August 12, 2024, we issued and sold 53,119 shares of Series A Convertible Preferred Stock in the Series A Convertible Private Offering and received aggregate proceeds of $528,000. In connection with the sale of these shares in the Series A Convertible Private Offering, we paid aggregate selling commissions of $28,680 and placement fees of $15,840. As of August 12, 2024, there were 3,259,947 shares of Series A Convertible Preferred Stock outstanding.