Initial Public Offering

Real estate investment trust, Parking REIT, which owns parking lots unveiled a $100 million initial public offering Tuesday as the company looks to pay off debts and expand an existing network of parking facilities across the U.S.

In a SEC filing with the U.S. Securities and Exchange Commission, Parking REIT set a $100 million maximum aggregate offering price. However, that $100 million figure may be a placeholder frequently used on initial IPO filings. Moreover, it is unclear whether investors will be able to sell their funds at or near their cost basis.

The Parking REIT is managed by Nevada-based The Parking REIT Advisors. The company invests in parking lots, garages and other structures in the U.S. Parking REIT said its primary use for the funds raised in the IPO will be the repayment of $9.1 million in debt, in addition to general corporate purposes, working capital and the acquisition of additional parking locations.

A class action has been filed against Restoration Robotics, Inc. (“HAIR”), National Securities Corporation (“National Securities”) and others. The complaint alleges that Restoration Robotics negligently issued untrue statements of material facts in, and omitted to state material facts required to be started from, the prospectus issued in connection with the Initial Public Offering (“IPO”). At the time of the IPO, Restoration Robotics sold approximately 4 million shares at a price of $7.00 per share. Restoration Robotics stock has dropped dramatically trading under $3.00 a share on June 22, 2018.

National Securities served as an underwriter for the Company’s IPO agreeing to purchase 2,145,000 shares of the Company common stock, exclusive any over-allotment option. National Securities previously served as Restoration Robotics investment banker raising several million dollars in a Reg D offering in 2016. According to the complaint, National Securities collected fees from commissions and discounts in excess of $1,100,000 in the IPO.

According to the class action complaint, Restoration Robotics was incorporated in 2002 under the laws of the State of Delaware. At the time of the IPO, the Company also had three wholly-owned subsidiaries: (i) Restoration Robotics, Inc. Limited, (ii) Restoration Robotics Europe Limited, Incorporated, and (iii) Restoration Robotics Korea Yuhan Hoesa, Incorporated.

Articles Tagged with Initial Public Offering

Parking REIT Files For $100M IPO After Raising Substantial Funds From Retail Investors

National Securities Corporation and Restoration Robotics, Inc. Subject of Class Action