CTO Realty Growth announced that it has priced an upsized underwritten public offering of 3,000,000 shares of its common stock at a price to the public of $19.00 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of its common stock. The offering is expected to close on December 5, 2022, subject to customary closing conditions. Total estimated gross proceeds of the offering are approximately $57 million or approximately $66 million if the underwriters exercise their option to purchase additional shares in full. The Company intends to use the net proceeds from this offering to fund a portion of the $96 million purchase price of its recently announced lifestyle, mixed-use acquisition opportunity it currently has under contract. If the pending acquisition is not completed for any reason, the Company intends to use the net proceeds to fund other potential acquisition opportunities and for general corporate and working capital purposes, including the repayment of debt. Wells Fargo Securities, Raymond James, BMO Capital Markets, Truist Securities and KeyBanc Capital Markets are acting as joint book-running managers for the offering. Baird, PNC Capital Markets LLC, Regions Securities LLC, Synovus Securities Inc., Compass Point, Janney Montgomery Scott, JonesTrading, B. Riley Securities and EF Hutton, division of Benchmark Investments, LLC, are acting as co-managers for the offering.
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