Old Bethpage, New York, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Power REIT (NYSE-AMEX: PW and PW.PRA) today announced that it intends to conduct a rights offering. Power REIT is conducting the Rights Offering to offer existing holders of its Common Shares the ability to participate in providing capital to the Power REIT on a non-dilutive basis. The proceeds are intended to be used primarily to finance acquisitions of real property assets, in particular real estate within the Controlled Environment Agriculture (“CEA”) sector, and to fund our subsidiaries. In addition, the proceeds may be used to retire all or a portion of any debt, to redeem any outstanding preferred stock, or for working capital purposes, including the payment of distributions, interest and operating expenses.

Power REIT has established December 28, 2020 at 5:00 PM Eastern Time as the record date (the “Record Date”) for the Rights Offering.

Upon commencement of the planned Rights Offering, the Trust will distribute non-transferable rights (the “Rights”) to purchase additional shares of Power REIT’s common stock to existing Power REIT common stockholders and holders of outstanding Power REIT options. Additionally, holders of Rights may subscribe for additional shares of our Common Shares through an over-subscription privilege.

No rights will be distributed until the final terms of the Rights Offering, including the subscription price and the expiration date for the Rights, have been set forth in a final prospectus supplement that will be filed with the SEC and distributed to stockholders of the Trust’s Common Shares as of the Record Date.

A Registration Statement relating to the Rights offering has been filed with the Securities and Exchange Commission but has not yet become effective. The Trust may not accept any offers to purchase Power REIT Common Shares pursuant to the Rights prior to the time the Registration Statement becomes effective.

This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

ABOUT POWER REIT

Power REIT is a real estate investment trust (REIT) that owns real estate related to infrastructure assets including properties for Controlled Environment Agriculture, Renewable Energy and Transportation. Power REIT is actively seeking to expand its real estate portfolio related to Controlled Environment Agriculture.

Additional information about Power REIT can be found on its website: www.pwreit.com