Cottonwood Communities Inc.
11/05/2024 | Press release | Distributed by Public on 11/05/2024 12:45
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 October 30, 2024 through November 4, 2024, we issued and sold 155,660 shares of Series A Convertible Preferred Stock in the Series A Convertible Private Offering and received aggregate proceeds of $1,493,000. In connection with the sale of these shares in the Series A Convertible Private Offering, we paid aggregate selling commissions of $41,400 and placement fees of $40,979. As of November 4, 2024, there were 4,465,964 shares of Series A Convertible Preferred Stock outstanding.