Latest news with #SeriesAPreferredStock
Yahoo
5 days ago
- Business
- Yahoo
CareCloud Announces Preferred Stock Dividend Payments
SOMERSET, N.J., July 25, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the 'Company') (Nasdaq: CCLD, CCLDO), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, announced today that its Board of Directors (the 'Board') has declared monthly cash dividends for its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock ('Series A Preferred Stock') and its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock ('Series B Preferred Stock') for July, August and September 2025. The following table shows the monthly dividends and associated record and payment dates: July 2025 August 2025 September 2025 Series A dividend per share $ 0.18229 $ 0.18229 $ 0.18229 Series A additional payment per share $ 0.04688 $ 0.04688 $ 0.04688 Series B dividend per share $ 0.18229 $ 0.18229 $ 0.18229 Ex-dividend date July 31, 2025 August 31, 2025 September 30, 2025 Record date July 31, 2025 August 31, 2025 September 30, 2025 Payment date August 15, 2025 September 15, 2025 October 15, 2025 Holders of shares of the Series A Preferred Stock as of the record date are entitled to receive cumulative cash dividends at the rate of 8.75% per annum of the $25.00 per share liquidation preference (equivalent to $2.1875 per annum per share). Additionally, since this payment will be credited against the oldest dividend due (at which point in time, the cash dividend rate was 11% per annum), the Board authorized an additional payment equal to 2.25% per share of Series A Preferred Stock. For clarity, previous holders of Series A Preferred Stock that were converted on March 6, 2025, already received dividends paid in shares up and through March 6, 2025, and will not receive either the dividend payment or the additional payment per share. Holders of shares of the Series B Preferred Stock as of the record date are entitled to receive cumulative cash dividends at the rate of 8.75% per annum of the $25.00 per share liquidation preference (equivalent to $2.1875 per annum per share). Dividends on the Series A Preferred Stock and Series B Preferred Stock are cumulative and payable monthly on the 15th day of each month; provided that if any dividend payment date is not a business day, then the dividend may be paid on the next succeeding business day. Dividends are payable to holders of record on the applicable record date, which is the last day of the calendar month, whether or not a business day. About CCLDPDue to the mandatory conversion of the Series A Preferred Stock into common stock on March 6, 2025, the Company delisted its Series A Preferred Stock from the Nasdaq Global Market since the security no longer complies with Nasdaq's continued listing requirements. The Company may, at its option, upon not less than 30 nor more than 60 days' written notice, redeem additional shares of the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. About CCLDOCareCloud's Series B Preferred Stock trades on the Nasdaq Global Market under the ticker symbol 'CCLDO.' The Company may, at its option, upon not less than 30 nor more than 60 days' written notice, redeem the Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at redemption prices of either $25.50 per share (for redemptions on and after February 15, 2025 and prior to February 15, 2026), $25.25 per share (for redemptions on and after February 15, 2026 and prior to February 15, 2027), or $25.00 per share (for redemptions on and after February 25, 2027), plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. Upon the occurrence of a Change of Control, the Company may, at its option, upon not less than 30 nor more than 60 days' written notice, redeem the Series B Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the redemption date. About CareCloudCareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at Follow CareCloud on LinkedIn, X and Facebook. For additional information, please visit our website at To listen to video presentations by CareCloud's management team, read recent press releases and view the latest investor presentation, please visit DisclaimerThis press release is for information purposes only, and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Forward-Looking StatementsThis press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'might,' 'will,' 'shall,' 'should,' 'could', 'intends,' 'expects,' 'plans,' 'goals,' 'projects,' 'anticipates,' 'believes,' 'seeks,' 'estimates,' 'predicts,' 'possible,' 'potential,' 'target,' or 'continue' or the negative of these terms or other comparable terminology. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry's) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company's ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies' products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled 'Risk Factors' in the Company's filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. SOURCE CareCloud Company Contact:Norman RothInterim Chief Financial Officer and Corporate ControllerCareCloud, Inc. nroth@ Investor Contact:Stephen SnyderCo-Chief Executive OfficerCareCloud,
Yahoo
12-06-2025
- Business
- Yahoo
UMB Financial Corporation Announces Full Redemption of Its Series A Preferred Stock; Nasdaq UMBFP
KANSAS CITY, Mo., June 12, 2025--(BUSINESS WIRE)--UMB Financial Corporation (the "Company") (Nasdaq: UMBF), a financial services company, announced today that it will redeem all outstanding shares of the Company's 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share ("Series A Preferred Stock"). All 11,500 outstanding shares of the Series A Preferred Stock (CUSIP: 902788 306) will be redeemed at a price of $10,000 per share of preferred stock on the dividend payment date of July 15, 2025. Regular dividends on the outstanding shares of the Series A Preferred Stock of $175 per share will be paid separately on July 15, 2025, to holders of record as of the close of business on June 30, 2025, in the customary manner. Accordingly, the redemption price for the Series A Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series A Preferred Stock will cease to accrue. The Series A Preferred Stock is held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series A Preferred Stock will be made by Computershare Trust Company, N.A., as redemption agent, in accordance with the Deposit Agreement and the Redemption Agent Agreement that govern the redemption of the Series A Preferred Stock. The address for the redemption agent is as follows: Computershare Trust Company, Corporate Actions150 Royall MA 02021 About UMB: UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company's reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB Blog, UMB Facebook and UMB LinkedIn. View source version on Contacts Media Contact: Cynthia Simpson: 816.860.5637Investor Relations Contact: Kay Gregory: 816.860.7106 Sign in to access your portfolio
Business Wire
23-05-2025
- Business
- Business Wire
Modiv Provides Clarity on Reverse Stock Split Proposal
DENVER--(BUSINESS WIRE)--Modiv Industrial, Inc. ('Modiv Industrial', 'Modiv', the 'Company', 'we' or 'our'), (NYSE:MDV), the only public REIT exclusively focused on acquiring industrial manufacturing real estate, today issued the following message from the CEO to provide clarity regarding the rationale and impact of the reverse stock proposal set forth in the Company's proxy statement for its 2025 Annual Meeting of Stockholders: 'A few weeks ago, we filed our 2025 annual proxy statement. We have received a small number of inquiries regarding the reverse stock split proposal that we put forth. Given that there appears to be a pattern of confusion (not surprising given the legalese of the proxy), we decided to send this missive out so that everyone can hopefully receive a clearer explanation straight from the horse's mouth. I have attempted to present this in a digestible format but there is a lot of content to understand so please do not hesitate to email us, as needed, at the email address listed down below. Here it goes… Background – The fourth proposal in our proxy statement seeks stockholder approval to give the Company the right, but not the obligation, to implement a reverse stock split of our common stock only (not the Series A Preferred Stock) anywhere between 1:500 to 1:1,500 at any time prior to December 31, 2026. That's a very large reverse split, far greater than the 1:10 that any company can do without stockholder approval. Without full context, an investor might surmise that we want to make Modiv's share price $7,500 per share or higher – which would not be very retail investor friendly. I am here to tell you that is NOT the case at all and the reverse split (which would be followed by a forward split that I will describe a bit later) is purely an administrative function intended to reduce cost and potentially increase liquidity. Before I get into the sausage making of how it would work, let me step back and tell you why we are even seeking approval. For those new to our name and unaware of our history, we are the only direct-to-retail crowdfunded REIT to ever publicly list on a stock exchange and we did that in early 2022. However, our legacy enterprise first started raising capital directly (with no brokers/advisors) from individual retail investors as early as 2012 back when crowdfunding was hoping to be the next big thing and long before I joined in 2018. Thousands upon thousands of investors made very small investments, in some cases as small as $500. They were issued shares in the predecessor REIT and they collected dividends but the shares couldn't be freely traded and their ability to sell their shares was very limited. It was basically a very high risk start up that happened to buy real estate. When I joined, my job was to make the Company more mainstream or 'institutional' which included cleaning up the real estate portfolio, providing stockholders full liquidity, reducing headcount and wherever possible making the Company more efficient and less costly. It is from this original mission that the reverse stock split proposal is derived. When we listed the Company on the NYSE in February 2022, we needed a seasoned transfer agent to handle the litany of daily stockholder changes that would be occurring with a publicly traded stock. At that time, we chose Computershare, a globally recognized transfer agent that works with numerous publicly listed companies. When we onboarded all of our existing investors to the Computershare platform (originally it was all handled internally), there were nearly 10,000 separate accounts, each holding varying amounts of shares. Just for reference, that is a very large number of accounts for a company of our size and very atypical (befitting our history) as most newly public companies might have a small handful of accounts directly at the transfer agent with thousands of other accounts indirectly held at brokerage firms given that most companies raise their equity via investment bankers and brokers. Since we didn't raise our capital that way, we had a ton of accounts and the stockholders who owned these accounts were used to us being both their customer service agent and their investment (whereas most of you get your customer service from your broker not your stock investment). Computershare was able to put together a service offering for our existing stockholders but it came at a significant cost to the Company – a meaningful six digits expense every year. For those who have ever dealt with the vast majority of transfer agents, then you know they are good at transferring shares and keeping records but their 80's vintage COBOL-esque software systems don't provide a good brokerage account experience (as they never intended it to be). Suffice it to say that using a transfer agent account as a brokerage account is like using a rotary phone instead of your smart phone. That fact alone led to numerous accounts transferring out to 'street name' where they could hold their shares in their modern brokerage accounts. Further, over the past several years we have made repeated attempts to get investors to move away from the transfer agent into a brokerage account and we have also whittled down the service offering to reduce cost, but the cost still remains relatively high for a small company and every dollar matters to you the stockholders. As it stands today, we are hovering at a little over 4,000 accounts in total at our transfer agent with 3,500 of those accounts holding less than 1,500 shares and, further, a large number of those 3,500 accounts holding less than 500 shares. These accounts have not chosen to switch to brokerage firms and have been unresponsive to our communications. In fact, for many accounts we get returned mail when we send out 1099 tax forms, we get bounced emails when we try to reach them and many no longer have current phone numbers listed. These investors don't appear to be voting and don't appear to be logging in. It's as if they made an investment ten years ago and then simply forgot about it as time went on. I know, it sounds odd that someone would neglect that sum of money, but it appears to be the case as far as we can tell. Personally, I moved my shares over to my Schwab account within days of our NYSE listing. Right about now you might be thinking…why doesn't Modiv put the cost of the account back to the accountholder? We looked into that, and it is not allowed. If they don't move to a broker and if they have more than one share, then all of us will simply have to bear the cost of these accounts. For those accounts that were less than one share, we have already cashed them out, but we still have thousands of accounts with more than one share. However, we did figure out a way to clean it up, to save long term costs and potentially increase liquidity, and that is where the reverse stock split comes in. Sausage Making – In this section we will get into some of the nitty gritty detail of how the reverse split would work if approved (and if implemented). It is far more information than you will typically see a CEO share in a press release, but hopefully by now you have come to appreciate that we at Modiv value transparency and candor. Our name may be derived from the concept of MOnthly DIVidends, but it is just as applicable to think of us as a Mutually Owned Dividend Investment Vehicle – with emphasis being on mutually owned in this instance. We are all in this together, it's all our monies, and I strongly believe that transparency and candor are of utmost importance in our pursuit of making our money grow. Let me caveat the following by saying that all of this information was not readily known to us as it is rather abstract, and it took us several months to piece this education together by talking to multiple people at our transfer agent as well as other sources to include external counsel and our designated market maker. I am hopeful that I have it all right, but if some transfer agent whiz out there knows the intricacies better, then shoot us an email. Given that we have the ability to cash out accounts that hold a fractional share (less than one share) by either paying cash from the Company's coffers or selling those fractions in the open market (thereby creating liquidity), we understood that the only way to solve the aforementioned excess dormant account issue, barring the accountholder either selling their shares or transferring to a brokerage firm, was to make all those accounts fractional shares. The only way to get fractional shares is to introduce a reverse stock split. Given that the vast majority of these seemingly dormant accounts hold somewhere more than 500 but less than 1,500 shares, we identified that a large reverse split, held in place for only a brief moment in time before reverting the share price back to a more normal share price via a forward split, is the most effective way to address this legacy administrative burden and cost issue. The thinking is…implement a large reverse split, address the new batch of fractional shares, implement a forward split, and then back to business with reduced cost and less administrative burden – all in one fell swoop. The inefficient alternative, that would not require a stockholder approval, would be to implement a 1:10 reverse split every year until such time that all the dormant accounts are addressed, but that would mean we would all live with a ridiculously high share price for a very long period of time and that is simply not palatable. So, if the proxy proposal is not approved, then no problem. We will just continue to bear the cost burden, but we felt it worthwhile to put it out there for your approval. I believe the confusion from our recent investor inquiries pertains to how the reverse split would impact all the smaller stockholders who hold their shares in a brokerage account. The short answer is that we do not believe there is a meaningful impact other than a temporarily higher share price. The reason we believe this is where it gets really in the weeds and it pertains to the three primary levels of stock ownership – 1) DTC level, 2) Participant level, and 3) Beneficial level. The Depository Trust Company (DTC) is a central securities depository system utilized by brokers, transfer agents, NYSE and Nasdaq. It is estimated that over 80% of all U.S. public equity is held at the DTC (the first level) on behalf of a multitude of participating financial institutions like Fidelity, Schwab, etc. (the second level) who, in turn, hold the equity for the benefit of countless investors like yourself (the third level). You can look this up on the internet, but each publicly listed company has a DTC account (i.e. Cede & Co) at their respective transfer agent that represents the aggregate ownership of all those shares held in 'street name.' The DTC level is represented by a single account, the participant level reflects a small number of accounts (e.g. typically a few accounts for each financial institution depending on how they separate their taxable, non-taxable and non-retail accountholders), and the beneficial level would be hundreds of thousands of accounts representing the accounts you and I see when we log into our brokerage accounts. At our transfer agent, amongst those ~4,000 accounts, is a single Cede & Co. account that represents the majority of our shares outstanding. Our transfer agent does not see your individual account at your broker, just those ~4,000 accounts. Further, all corporate actions happen initially at this first level. For example, when we issue a dividend payment, it goes to all ~4,000 accounts. The DTC account then distributes the money it receives automatically to the participant level accounts who in turn distribute your dividend into your individual account. If we were to implement a reverse split and instruct our transfer agent to only cash out fractional shares at the participant level (which is what has been recommended to us), then we would materially limit the number of accounts impacted by the reverse split. Let's walk through an example. Let's assume there are 100 participant level accounts (we won't know the exact amount until we make the inquiry with the DTC) as well as the ~4,000 individual accounts held at our transfer agent. Given that any single account can only have one fractional share, that means only a maximum of 100 fractional shares would be impacted for all the millions of our shares held at financial institutions and from the ~4,000 individual accounts held at our transfer agent, only those accounts holding less than one share would be closed out. By doing it this way, we specifically address this legacy cost burden without wiping out thousands of retail investors who bought shares through their brokerage account. As soon as the process of eliminating fractional shares is completed (we have been informed it could potentially take several days), we would then implement a forward split to bring our share price back to a more appropriate, non-elevated, stock price. The ending result would be a normal stock price, the elimination of the administrative burden of maintaining thousands of seemingly dormant accounts, and the annual cost savings that would ensue. I want to point out that even if the proposal is approved by all of you, that does not mean we would implement it. Our goal would be to make another final push to get as many of those seemingly dormant accounts moved over to brokerage firms (heck, maybe this press release will help that cause). Only after that last effort would we then consider implementing the reverse stock split, hence having until the end of next year to potentially implement this administrative function. Phew, that was a lot of stuff to write (and to digest). In a nutshell, if the reverse split is approved (and we are ok if you don't want it), then the final ending result would be a normal stock price, less dormant accounts at our transfer agent, and more money saved. Grit, grind, get it done!' Aaron Halfacre, CEO of Modiv Industrial. About Modiv Industrial Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit: Forward-looking Statements Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the reverse stock split, the forward stock split, annualized dividend rates, future distributions and distributions declared by the Company's board of directors. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC') on March 4, 2025. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company's other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law.
Globe and Mail
11-04-2025
- Business
- Globe and Mail
OceanFirst Financial Corp. Announces Redemption of all Outstanding 57,370 shares of 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock of OceanFirst Financial Corporation
RED BANK, N.J., April 11, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: OCFC) (the 'Company'), the holding company for OceanFirst Bank N.A. (the 'Bank' or 'OceanFirst'), announced today that it will redeem 57,370 shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the 'Series A Preferred Stock'), constituting all of the outstanding shares of the Series A Preferred Stock, on May 15, 2025, the next dividend payment date for the Series A Preferred Stock (the 'Redemption Date'). Payment of the cash redemption price equal to $1,000 per share of Series A Preferred Stock (the 'Redemption Price') (equivalent to $25 per Depositary Share) will be made on the Redemption Date. The Redemption Price does not include the previously declared dividend payment that is due on the Redemption Date and that will be paid immediately prior to the redemption of the Series A Preferred Stock on the Redemption Date to holders of record on the record date for such dividend payment. On the Redemption Date, simultaneous with the redemption of the Series A Preferred Stock, the depositary for the Series A Preferred Stock will redeem 2,294,800 depositary shares (the 'Depositary Shares'), each representing a 1/40th interest in a share of the Series A Preferred Stock, for an amount per Depositary Share equal to 1/40th of the Redemption Price per share of Series A Preferred Stock. The Depositary Shares are held only in book-entry form through The Depository Trust Company ('DTC') and shall be redeemed in accordance with the applicable procedures of DTC. On the Redemption Date, the Redemption Price will become due and payable. On and after the Redemption Date, dividends in respect of the Series A Preferred Stock represented by the Depositary Shares shall cease to accrue, the Series A Preferred Stock and the Depositary Shares shall no longer be deemed outstanding and all rights of the holders of the Series A Preferred Stock and holders of receipts evidencing the Depositary Shares shall cease and terminate, except only the right of the holders of the Series A Preferred Stock to receive the Redemption Price and the right of the holders of receipts evidencing the Depositary Shares to receive 1/40th of the Redemption Price, in each case, without interest. 'We are pleased to announce our payoff of the Preferred Stock,' said Patrick Barrett, Senior Executive Vice President and Chief Financial Officer. 'Our strong capital and liquidity levels have positioned us well to pay off liabilities with higher funding costs. The redemption of our preferred stock is consistent with our balance sheet strategy of optimizing debt and capital.' About OceanFirst Financial Corporation OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.3 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to
Yahoo
24-03-2025
- Business
- Yahoo
SmartStop Self Storage REIT Announces Launch of Underwritten Public Offering
LADERA RANCH, Calif., March 24, 2025--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ("SmartStop" or the "Company"), an internally-managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced today the launch of its proposed underwritten public offering. SmartStop has filed a registration statement on Form S-11 with the Securities and Exchange Commission ("SEC") to offer 27,000,000 shares of its common stock to the public. The public offering price is expected to be between $28.00 and $36.00 per share. SmartStop also intends to grant the underwriters a 30-day option to purchase up to an additional 4,050,000 shares of its common stock at the public offering price. SmartStop has been approved to list its common stock on the New York Stock Exchange under the ticker symbol "SMA," subject to official notice of issuance. SmartStop intends to use the net proceeds from the proposed offering to redeem 100% of its issued and outstanding Series A Preferred Stock, pay down existing debt under its credit facility, repay an acquisition facility, fund external growth with property acquisitions, and fund other general corporate uses. J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and Truist Securities are acting as joint book-running managers for the offering. Baird, Stifel, National Bank of Canada Financial Markets, Raymond James and Scotiabank are acting as bookrunners for the offering. BTIG, M&T Securities and Fifth Third Securities are acting as co-managers for the offering. The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at Alternatively, copies of the prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@ and postsalemanualrequests@ Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at (800) 645-3751 (option #5) or email a request to WFScustomerservice@ KeyBanc Capital Markets, Attention: Equity Syndicate, 127 Public Square, 7th Floor, Cleveland, OH 44114 or by fax at 1.216.689.0845; BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036 or by email at bmoprospectus@ or Truist Securities, Inc., Attention: Equity Capital Markets, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326 at (800) 685-4786 or by email to A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ("SmartStop") is a self-managed REIT with a fully integrated operations team of approximately 560 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of March 24, 2025, SmartStop has an owned or managed portfolio of 218 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 156,400 units and 17.6 million rentable square feet. SmartStop and its affiliates own or manage 39 operating self-storage properties in Canada, which total approximately 33,600 units and 3.4 million rentable square feet. Additional information regarding SmartStop is available at Forward-Looking Statements Certain statements contained in this press release, including statements relating to the Company's expectations regarding the completion, timing and size of its proposed public offering and listing may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences. View source version on Contacts David Corak SVP of Corporate Finance & StrategySmartStop Self Storage REIT, Sign in to access your portfolio
