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CTO Realty Growth (CTO) Prices Upsized 3M Share Public Offering of Common Stock at $19/Share

December 1, 2022 7:34 AM EST

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CTO Realty Growth, Inc. (NYSE: CTO) (the “Company”) today 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.

All shares of common stock will be offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission. The offering of these shares will be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting: Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001, Attention: Equity Syndicate Department, telephone: (800) 326-5897, email: [email protected]; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone (800) 248-8863, email: [email protected].

This press release shall not constitute an offer to sell or a 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.



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