Old Bethpage, New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Power REIT (NYSE-AMEX: PW and PW.PRA) today announced additional information related to its previously announced rights offering. Power REIT intends to conduct 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 the Trust’s subsidiaries.

As previously announced, Power REIT 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 Rights Offering, the Trust plans to distribute one right (a “Right”) for each Common Share held as of the Record Date. Each Right will enable the holder to purchase one additional share of Power REIT’s common stock. Additionally, Rights holders who fully exercise their allocated Rights may subscribe for additional shares of our Common Shares through an Over-Subscription Privilege.

Power REIT has established a subscription price of $26.50 per share for each Right. The price was set at a discount to the recent trading of Power REIT’s common shares.

A Registration Statement and Amended Registration Statement relating to these securities have 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 Offering 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