CTO Realty tumbles on stock offering to fund acquisition

CTO Realty Growth

01/12/2022 16:11

** CTO Realty Growth Inc's  CTO.N  shares down 8.9% at
$19.10 on Thurs after follow-on prices
    ** Stock on track for biggest one-day pct drop since Mar
2020
    ** Retail REIT sells 3 mln shares at $19, raises $57 mln
 urn:newsml:reuters.com:*:nGNX1kYTfC
    ** Offering price represents 9.4% discount to stock's Weds
close
    ** Co to use net offering proceeds to help fund $96 mln
purchase of mixed-use center in Atlanta, GA area, announced late
Weds
    ** CTO has 18.8 mln shares outstanding and ~16.7 mln shares
of free float prior to offering, per Refinitiv
    ** Through Weds close, shares rallied 22% off their 2022 low
of $17.18. YTD, stock now off ~7%
    ** Wells Fargo and Raymond James among jt bookrunners for
the equity offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))