Benzinga | Dec 18, 2020 07:35AM EST

Power REIT Announces Rights Offering To Existing Common Shareholders To Raise Capital For Acquisitions

Old Bethpage, New York, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Power REIT (AMEX:PW) ("Power REIT" or the "Trust") today announced that it intends to conduct a rights offering (the "Rights Offering"). Power REIT is conducting the Rights Offering to offer existing holders of its Common Shares the ability to participate in providing capital to the Power REIT on a non-dilutive basis. The proceeds are intended to be used primarily to finance acquisitions of real property assets, in particular real estate within the Controlled Environment Agriculture ("CEA") sector, and to fund our subsidiaries. In addition, the proceeds may be used to retire all or a portion of any debt, to redeem any outstanding preferred stock, or for working capital purposes, including the payment of distributions, interest and operating expenses.