Preferred Apartment Communities, Inc. Announces Re-Opening of Warrant Exercises
08 Juin 2022 - 10:35PM
Business Wire
Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the
“Company”) today announced that PAC has re-opened exercises of
warrants to purchase shares of Common Stock of the Company (the
“Company Warrants”) due to the adjournment of the special meeting
of stockholders to consider and vote on, among other things, the
all-cash acquisition of PAC by Blackstone Real Estate Income Trust,
Inc. (“BREIT”).
Company Warrants can be exercised beginning today through the
close of business on June 15, 2022 (the “Cut-Off Date”). PAC will
again suspend exercises of the Company Warrants after the Cut-Off
Date, which will enable PAC to obtain an accurate count of
securities and will facilitate payment of the consideration due to
the holders of Common Stock of the Company pursuant to the terms of
the previously announced acquisition of PAC by BREIT, which,
subject to PAC stockholder approval and satisfaction of other
customary conditions, is now expected to close on or about June 23,
2022 (the “Closing Date”).
On and from the Closing Date, the holders of any outstanding
Company Warrants may exercise their Company Warrants in accordance
with their terms pursuant to a cashless exercise, whereupon they
shall receive a cash payment of $25.00 per share of Common Stock of
the Company underlying the exercised Company Warrants (without
interest and less any applicable withholding taxes), less the
applicable exercise price set forth in such Company Warrants.
Any Company Warrant exercises submitted on or prior to the
Cut-Off Date will be processed in accordance with the standard
exercise schedule by approximately June 17, 2022.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real
estate investment trust engaged primarily in the ownership and
operation of Class A multifamily properties, with select
investments in grocery-anchored shopping centers. Preferred
Apartment Communities’ investment objective is to generate
attractive, stable returns for stockholders by investing in
income-producing properties and acquiring or originating real
estate loans. As of March 31, 2022, the Company owned or was
invested in 113 properties in 13 states, predominantly in the
Southeast region of the United States. Learn more at
www.pacapts.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220608006146/en/
Preferred Apartment Communities, Inc. John A. Isakson
770-818-4109 Chief Financial Officer Email:
jisakson@pacapts.com
Preferred Apartment Communities, Inc. Paul Cullen 770-818-4144
Executive Vice President-Investor Relations Email:
Investorrelations@pacapts.com
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