Benzinga | May 13, 2021 09:20AM EDT

ACRES Commercial Realty Announces Launch of Public Offering Of Series D Cumulative Redeemable Preferred Stock

ACRES Commercial Realty Corp. (NYSE:ACR) (the "Company") announced today the launch of a public offering of shares of its Series D Cumulative Redeemable Preferred Stock (the "Preferred Stock") with a $25.00 per share liquidation preference. The Company intends to use the net proceeds from the offering to make loan originations and for general corporate purposes.

The Company intends to file an application to list the Preferred Stock on the New York Stock Exchange under the ticker symbol "ACR PrD."

Raymond James & Associates, Inc. is acting as sole book-running manager for the offering.

A shelf registration statement on Form S-3, including a prospectus, related to the Preferred Stock has been filed with and declared effective by the U.S. Securities and Exchange Commission ("SEC"). The offering will be made only by means of a preliminary prospectus supplement and the accompanying prospectus filed today by the Company with the SEC.

Copies of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement, when available, may be obtained from Raymond James & Associates, Inc., Attn: Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, by telephone at (800) 248-8863, or by visiting the SEC's website at www.sec.gov under the Company's name.

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.