Cottonwood Communities amends Series A Preferred conversion terms and sells additional shares in private placement

Cottonwood Communities, Inc.

Filed Articles of Amendment on Feb 7, 2024, shortening conversion period of Series A Convertible Preferred from five years to two years.
Sold 113,129 shares of Series A Preferred in private placement from Feb 5-11, 2024, raising $1,127,500 in aggregate proceeds.
Paid selling commissions of $64,650 and placement fees of $33,300 in connection with the sales.
As of Feb 11, 2024, 595,241 shares of Series A Convertible Preferred were outstanding.

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.: Amended Articles of Amendment to allow conversion of Series A Convertible Preferred Stock into Class I common stock after a two-year holding period, earlier than the prior five-year period (effective 2024-02-07).

Change: charter amendment
Effective: 2024-02-07

Exact text from the filing

On February 7, 2024, the Company filed with the State Department of Assessments and Taxation of the State of Maryland (the “SDAT”) Articles of Amendment to provide that the Series A Convertible Preferred Stock, as designated by the Company on September 18, 2023, may be converted into Class I common stock of the Company at the option of the holder beginning after the holder has held the Series A Convertible Preferred Stock for two years, which is earlier than the five-year time period in effect prior to the amendment.

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Source: SEC EDGAR

accession 0001692951-24-000023

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