LuxUrban Hotels Announces Full Exercise of Over Allotment Option

Core Viewpoint - LuxUrban Hotels Inc. has successfully completed a public offering, raising a total of $5,865,000 through the sale of 34,500,000 shares, including an overallotment of 4,500,000 shares at a price of $0.17 per share [2][3]. Company Overview - LuxUrban Hotels Inc. operates by securing long-term operating rights for entire hotels through Master Lease Agreements (MLA), allowing the company to manage hotels and rent out rooms on a short-term basis to business and vacation travelers [10]. - The company is strategically building a portfolio of hotel properties in destination cities, capitalizing on dislocations in commercial real estate markets and the impending debt maturity obligations of those assets [10]. Use of Proceeds - The proceeds from the public offering will be utilized for working capital and other general corporate purposes [4]. Offering Details - The offering was managed by Alexander Capital, L.P., which acted as the sole book-running manager [8]. - All shares were offered under a shelf registration statement filed with the SEC, which was declared effective on May 8, 2024 [9].