LAS VEGAS, August 27, 2021 / PRNewswire / – The Parking REIT, Inc. (“The Parking REIT” or the “Company”) announced today that an affiliate of Bombe Asset Management LLC, a Cincinnati, Ohio based alternative asset management company (“bomb”), has its $ 125 million Invest in the Las Vegas-Company based. Originally in. announced investment January 2021, requested an investment from $ 35 million in cash plus the contribution of parking assets and other real estate worth more than $ 90 million in exchange for operational partnership units worth $ 11.75 per unit and warrants to purchase common shares of The Parking REIT.
As part of the transaction, Bombe’s subsidiary acquired 1,549,324 common shares in The Parking REIT as of $ 11.75 per share of Vestin Realty Mortgage I, Inc., Vestin Realty Mortgage II, Inc. and Michael V. Shustek (collectively the “advisor”) and the advisor’s affiliates.
The advisor has also relinquished his claim to 400,000 common shares due to the advisor to The Parking REIT December 31, 2021and added 175,000 common shares to a benchmark fund. Proceeds from the purchase of the shares in the resolution fund will be used to benefit the company’s common stockholders. The settlement fund was created as part of the settlement of three class action lawsuits in which The Parking REIT was named as a defendant.
Michael V. Shustek has resigned as director and officer of The Parking REIT with immediate effect. Manuel Chavez will be Chairman and Chief Executive Officer of The Parking REIT and Stephanie Hogue becomes President of The Parking REIT.
Effective August 25, 2021, Board of the Parking REIT elected Jeffrey Osher, Lorrence Kellar, Damon Jones, Danica Holley, Manuel Chavez, and Stephanie Hogue as new members of the company’s board of directors. Mr. Osher is the founder and executive member of No Street Capital LLC hedge fund. Mr. Kellar, a former executive at Kmart and Kroger, serves on the Board of Directors of Acadia Realty Trust and The Spar Group. Mr. Jones is the Chief Communications Officer at The Procter & Gamble Company, a position he has held since then March 2020. Ms. Holley has since served as Chief Operating Officer of Global Medical REIT March 30, 2016. Shawn Nelson, a member of The Parking REIT’s board of directors since 2017 and the independent committee that drove the transaction, will remain on The Parking REIT’s board of directors.
As previously announced, a takeover offer to purchase up to 900,506 of The Parking REIT’s outstanding common shares for $ 11.75 per share in cash. Offer documents to the shareholders of The Parking REIT, in which the terms of the takeover offer are described, will be distributed accordingly.
About The Parking REIT, Inc.
The Parking REIT, Inc. is an internally managed, publicly registered, unlisted real estate company primarily engaged in parking lots and garages in the United States. Post-transaction assets include 40 parking spaces in 16 states. For more information, please visit TheParkingREIT.com.
About bomb asset management
Bombe Asset Management is a privately held alternative asset management company that specializes in the optimization of infrastructure, transport and sales properties. It is headquartered in Cincinnati, Ohio.
Additional information and where to find it
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities. Bomb will file offer documents with the Securities and Exchange Commission (“SEC”) and the company will make a solicitation / recommendation letter with respect to the offer Submit. The offer documents (including an offer to buy, an associated transmission letter and certain other offer documents) and the solicitation / recommendation statement contain important information that should be read carefully before a decision is made with regard to the offer offer. INVESTORS ARE REQUIRED TO READ THE OFFER DOCUMENTS, TENDER / RECOMMENDATION AND OTHER RELEVANT DOCUMENTS ADDED TO THE SEC IF AND WHEN THEY ARE AVAILABLE, AS THEY CONTAIN IMPORTANT INFORMATION. You can obtain a free copy of the tender offer materials (including an offer to buy, relevant delivery letter, and certain other offer documents), solicitation / recommendation letter, and other relevant documents filed by the company with the SEC on the SEC’s website at www.sec .gov. Copies of the company’s filings with the SEC are available free of charge on the company’s website at TheParkingREIT.com or upon written request to The Parking REIT, Inc.
The information contained in this press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to various risks and uncertainties. Forward-looking statements are generally identifiable through the use of forward-looking terminology such as “may”, “will”, “should”, “potentially”, “intend”, “expect”, “endeavor”, “aim at”, “foresee”, ” “Estimate”, “believe”, “could”, “project”, “predict”, “continue” or similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of operating results, liquidity and / or financial position, or provide other forward-looking information. Statements relating, among other things, to The Parking REIT’s ability to complete the announced transaction and achieve future growth and returns are forward-looking statements and The Parking REIT cannot guarantee that such results will be achieved. The Parking REIT’s ability to predict future events or conditions or their effects, or the actual effects of existing or future plans or strategies, is inherently uncertain, particularly due to the uncertainties created by the COVID-19 pandemic. Although The Parking REIT believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, The Parking REIT cannot guarantee that the expectations will be met or that differences will not be material. Actual results could differ materially from those anticipated in such forward-looking statements, including the factors set out in the Risk Factors section of the company’s most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Additional risks and uncertainties include, but are not limited to: the parties’ ability to see the benefits of investments in general, including potential synergies; The failure of an investment to generally achieve its plans and objectives; Risk that planned investments will disrupt operations, create retention difficulties, or otherwise adversely affect financial or operational results. Forward-looking statements speak only as of the date of their publication and The Parking REIT assumes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events, or changes in future results of operations over time, unless required by law . You are cautioned not to place undue reliance on these forward-looking statements, which reflect only the views of The Parking REIT as of the date of this press release.
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SOURCE The Parking REIT, Inc.