SAN DIEGO--(BUSINESS WIRE)--
Innovative Industrial Properties, Inc. (NYSE: IIPR) (the “Company”)
announced today that it will reclassify all outstanding shares of Class
A common stock and Class B common stock into a single class of common
stock on a one-for-one basis. There are no shares of Class B common
stock outstanding, as all shares of Class B common stock were redeemed
by the Company for $0.001 per share (par value) immediately prior to the
Company's initial public offering in December 2016.
To implement the reclassification, the Company plans to file an amended
and restated charter with the Secretary of State of the State of
Maryland, which the Company expects to become effective at 5:00 pm
Eastern Time on January 26, 2017. Upon the effectiveness of the amended
and restated charter, each share of the Company's outstanding Class A
common stock and Class B common stock will be automatically reclassified
as, and become one share of, a new single class of common stock named
"common stock" that has the same voting powers, preferences, rights and
qualifications, limitations and restrictions as the current Class A
common stock.
Trading in the Class A common stock is expected to cease after the
markets close on January 26, 2017 and trading in the Company's single
class of common stock is expected to commence on January 27, 2017. There
will be no change in the ticker symbol or CUSIP number for the current
Class A common stock being converted to common stock.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised Maryland
corporation focused on the acquisition, ownership and management of
specialized industrial properties leased to experienced, state-licensed
operators for their regulated medical-use cannabis facilities.
Innovative Industrial Properties intends to elect to be taxed as a real
estate investment trust. Additional information is available at www.innovativeindustrialproperties.com.
Forward-Looking Statements
This press release contains statements that we believe to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All
statements other than historical facts are forward-looking statements,
including, without limitation, the Company's plans and expectations
regarding the reclassification of its Class A common stock and Class B
common stock into a single class of common stock. When used in this
press release, words such as we “expect,” “intend,” “plan,” “estimate,”
“anticipate,” “believe” or “should” or the negative thereof or similar
terminology are generally intended to identify forward-looking
statements. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed in, or implied by, such statements. Investors should not
place undue reliance upon forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170124006267/en/
Innovative Industrial Properties, Inc.
Paul Smithers
Chief
Executive Officer
(858) 997-3332
Source: Innovative Industrial Properties, Inc.