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Plymouth Industrial launches preferred stock offering

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Plymouth Industrial launches preferred stock offering

Plymouth Industrial REIT Inc. is selling 1.8 million shares of its series A cumulative redeemable preferred stock in a public offering.

The company expects to grant a 30-day overallotment option to the underwriters to acquire up to 270,000 additional shares.

Plymouth plans to funnel the net proceeds to its operating partnership, which aims to use $5.0 million of the proceeds to repurchase 263,158 Plymouth common shares from Torchlight Investors LLC. The shares were issued to Torchlight in a private placement concurrently with the closing of Plymouth's IPO.

The remaining net proceeds will go toward general corporate purposes, which may include financing new acquisitions.

D.A. Davidson & Co., BB&T Capital Markets, Ladenburg Thalmann, National Securities Corp. and Wedbush Securities Inc. are the book-running managers for the offering.