WINTER PARK, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) ("CTO" or the "Company") today announced the pricing of a public offering of 1,500,000 additional shares of the Company's 6.375% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), liquidation preference $25.00 per share, at a public offering price of $20.00 per share. CTO will receive gross proceeds of $30,000,000 from the sale of the Series A Preferred Stock before deducting the underwriting discount and other estimated offering expenses. The Company also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of the Series A Preferred Stock to cover over-allotments, if any. The additional shares of Series A Preferred Stock constitute an additional issuance of shares of Series A Preferred Stock, with 2,978,808 shares of Series A Preferred Stock currently issued and outstanding (the "Outstanding Series A Preferred Stock") (which reflects the previous repurchase by the Company of 21,192 shares of Series A Preferred Stock). The Series A Preferred Stock will be treated as a single series with and have the same terms as the Outstanding Series A Preferred Stock. The Outstanding Series A Preferred Stock is, and the Series A Preferred Stock sold in the offering will be, listed on the New York Stock Exchange under the ticker symbol "CTO PrA." The offering is expected to close on April 11, 2024, subject to customary closing conditions. CTO intends to use the net proceeds from the offering for general corporate and working capital purposes, which may include property acquisitions, commercial loan and investment opportunities and repayment of debt, including amounts outstanding under its credit agreement. Raymond James & Associates, Inc. is acting ...