Cottonwood Communities launches private offering of up to 1M shares of 7% Series 2023-A Preferred Stock at $10/share

Cottonwood Communities, Inc.

Enters managing broker dealer agreement for best-efforts sale of up to 1,000,000 Series 2023-A preferred shares at $10.00 each.
Preferred stock carries 7.0% cumulative annual dividend ($0.70/share), payable monthly, with mandatory redemption by Dec 31, 2027.
Optional redemption permitted from June 30, 2024; liquidation preference of $10.00 plus accrued dividends.
Total selling fees capped at 2.75% of proceeds; proceeds will be contributed to operating partnership for mirror preferred units.
Articles Supplementary filed with Maryland SDAT on July 25, 2023, classifying the new series as senior to common but junior to existing preferred.

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

Cottonwood Communities, Inc.: Filed Articles Supplementary designating Series 2023-A Preferred Stock, setting forth rights, preferences, and privileges (effective 2023-07-25).

Change: charter amendment
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, the Company filed the Series 2023-A Preferred Stock Articles Supplementary with the SDAT designating the rights, preferences and privileges of the Series 2023-A Preferred Stock.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cottonwood Communities, Inc. amended Fifth Amendment to the Sixth Amended and Restated Limited Partnership Agreement of Operating Partnership (effective 2023-07-25).

Action: amendment
Agreement: collaboration
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, in connection with the Private Offering, the Company, as the sole member of the sole general partner of Cottonwood Residential O.P., LP, the operating partnership subsidiary for the Company (the "Operating Partnership"), executed the Fifth Amendment to the Sixth Amended and Restated Limited Partnership Agreement of Operating Partnership (the "OP Agreement") to be effective as of July 25, 2023

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cottonwood Communities, Inc. entered into Managing Broker Dealer Agreement (effective 2023-07-25).

Action: entry
Agreement: underwriting
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, Cottonwood Communities, Inc. (the "Company," "we," "our," or "us") entered a managing broker dealer agreement (the "Managing Broker Dealer Agreement"), to be effective as of July 25, 2023, with an unaffiliated third party to act as the managing broker dealer in connection with the Company's offering of up to 1,000,000 in shares of Series 2023-A preferred stock of the Company, par value $0.01 per share, (the "Series 2023-A Preferred Stock") on a best-efforts basis.

View on SEC.gov

Browse all governance changes →

Source: SEC EDGAR

accession 0001692951-23-000120

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.