Cottonwood gives update on best-efforts preferreds placement

By Marisa Wong

Los Angeles, Dec. 13 – Cottonwood Communities, Inc. provided an update about its Regulation D best-efforts private placement offering of series 2023 preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company now has approval from its board of directors to issue up to $150 million of the preferreds.

From Oct. 3 through Dec. 12, the company issued and sold 414,547 shares and received proceeds of $4,138,000.

The company paid aggregate selling commissions of $241,220 and placement fees of $125,650.

As of Dec. 12, there were 8,256,324 shares of the preferred stock outstanding.

Cottonwood Communities is a real estate investment trust based in Salt Lake City.

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