Plymouth Industrial REIT Inc. terminated an underwritten public offering of 4,250,000 shares of common stock.
Based on the $16.89-per-share closing price of Plymouth's stock May 29 and including a full exercise of a 637,500-share overallotment option, the offering represented gross proceeds of approximately $82.5 million.
The industrial real estate investment trust said the cancellation resulted from an assessment by its management that prevailing market conditions are "not conducive for an offering on terms that would be in the best interests of the company's stockholders."
