UMH reclassifies unissued preferred shares into common; files new shelf and ATMs up to $217.5M

UMH PROPERTIES, INC.

Reclassified 199,331 shares of Series B and 3,866,000 shares of Series C preferred as common stock, effective May 18, 2023.
Authorized capital now 153,713,800 common shares, 13,700,000 Series D preferred, and 3,000,000 excess shares.
Filed new automatic shelf registration (S-3ASR) replacing prior shelf; filed two ATM prospectus supplements.
Common stock ATM program for up to $140.4M with agents BMO, J.P. Morgan, B. Riley, Compass Point, Janney Montgomery.
Series D preferred stock ATM program for up to $77.1M with B. Riley Securities as sole distribution agent.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

UMH PROPERTIES, INC.: Reclassification of authorized unissued Series B and Series C preferred stock as shares of common stock via Articles Supplementary (effective 2023-05-18).

Change: charter amendment
Effective: 2023-05-18

Exact text from the filing

On May 18, 2023, UMH Properties, Inc. (the “Company”) filed with the State Department of Assessments and Taxation of the State of Maryland articles supplementary (the “Articles Supplementary”) reclassifying 199,331 authorized unissued shares of the Company’s 8.00% Series B Cumulative Redeemable Preferred Stock and 3,866,000 authorized unissued shares of the Company’s 6.75% Series C Cumulative Redeemable Preferred Stock as authorized shares of the Company’s common stock, par value $0.10 per share (the “Common Stock”).

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UMH PROPERTIES, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-025586

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