Form SCHEDULE 13G Power REIT Filed by: Toor Saquib Fasih
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13G
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UNDER THE SECURITIES EXCHANGE ACT OF 1934
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Power REIT (Name of Issuer) |
Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25.00 per Share (Title of Class of Securities) |
(CUSIP Number) |
06/15/2024 (Date of Event Which Requires Filing of this Statement) |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |
| Rule 13d-1(b) |
| Rule 13d-1(c) |
| Rule 13d-1(d) |
SCHEDULE 13G
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| CUSIP No. |
| 1 | Names of Reporting Persons
Toor Saquib Fasih | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b) | ||||||||
| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
UNITED STATES
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
29,330.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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| 11 | Percent of class represented by amount in row (9)
8.7 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13G
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| Item 1. | ||
| (a) | Name of issuer:
Power REIT | |
| (b) | Address of issuer's principal executive offices:
301 WINDING ROAD, OLD BETHPAGE, NEW YORK, 11804. | |
| Item 2. | ||
| (a) | Name of person filing:
Saquib Fasih Toor | |
| (b) | Address or principal business office or, if none, residence:
903 Queens Lane, Glenview, IL 60025 | |
| (c) | Citizenship:
United States | |
| (d) | Title of class of securities:
Series A Cumulative Redeemable Perpetual Preferred Stock, Liquidation Preference $25.00 per Share | |
| (e) | CUSIP No.:
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| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: | |
| (a) | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); | |
| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); | |
| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); | |
| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); | |
| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); | |
| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); | |
| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); | |
| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | |
| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution: | |
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). | |
| Item 4. | Ownership | |
| (a) | Amount beneficially owned:
29,330 shares of Series A Preferred Stock. | |
| (b) | Percent of class:
Approximately 8.71% %
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| (c) | Number of shares as to which the person has:
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| (i) Sole power to vote or to direct the vote:
6,183 | ||
| (ii) Shared power to vote or to direct the vote:
23,147 | ||
| (iii) Sole power to dispose or to direct the disposition of:
6,183 | ||
| (iv) Shared power to dispose or to direct the disposition of:
23,147
The 6,183 shares over which the Reporting Person holds sole power are held in his individual brokerage accounts. The 23,147 shares over which the Reporting Person holds shared power are held by his spouse, Dalia Mahmoud, with whom he shares a household. The Reporting Person also beneficially owns 282 shares of the Issuer's Common Stock, which are not the subject class of this statement.
The Series A Preferred Stock is a non-voting class of securities except for the limited voting rights described in the Issuer's Articles Supplementary and prospectus. If dividends on the Series A Preferred Stock have not been paid for six or more quarterly periods (whether or not consecutive), holders of the Series A Preferred Stock become entitled to vote for the election of two additional trustees until all accrued and unpaid dividends have been paid or declared and set apart for payment. The Issuer suspended dividends on the Series A Preferred Stock in December 2022 and, following the failure to pay dividends for six quarterly periods, these voting rights vested on June 15, 2024, the payment date for the sixth unpaid quarterly dividend. Because the Series A Preferred Stock was a non-voting class prior to the vesting of such voting rights, the Reporting Person was not required to file a statement pursuant to Section 13(d) or Section 13(g) of the Act with respect to this class before that time. This statement is being filed in connection with the vesting of such voting rights. | ||
| Item 5. | Ownership of 5 Percent or Less of a Class. | |
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. | |
Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | |
Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. | |
Not Applicable
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| Item 9. | Notice of Dissolution of Group. | |
Not Applicable
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| Item 10. | Certifications: |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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| SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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