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LuxUrban Hotels (LUXH) Completes 35M Share Offering

May 23, 2024 4:11 PM EDT

LuxUrban Hotels Inc. (Nasdaq: LUXH), a hospitality company which leases entire existing hotels on a long-term basis and rents rooms in its hotels to business and vacation travelers, today announced that it closed its previously announced public offering of 35,075,000 shares of common stock, including the full exercise by the underwriters of their over-allotment option to purchase 4,575,000 shares of common stock, at a price of $0.25 per share.

Roth Capital Partners acted as sole book-running manager for the offering. Alexander Capital, L.P. acted as the co-manager for the offering.

The gross proceeds from the offering, before deducting the underwriters’ fees and other offering expenses payable by the Company, were approximately $8.8 million. The Company intends to use the proceeds from the offering for working capital and other general corporate purposes.

All of the shares of common stock were offered by the Company pursuant to a shelf registration statement on Form S-3 (No. 333-278883) (the “Registration Statement”) filed with the Securities and Exchange Commission (“SEC”). The Registration Statement was declared effective on May 8, 2024 and is available through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.

A preliminary prospectus supplement and a final prospectus supplement have been filed with the SEC. Copies of the preliminary prospective supplement and final prospectus may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC's website, www.sec.gov.



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