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UC Asset Advances $5 Million Preferred Share Offering with Broker-Dealer Hire

BullishMedium impact
UCASU$0.2516 0.02%

UC Asset LP (UCASU) hired broker-dealer Rialto Markets LLC to assist with its planned $5 million secondary public offering and is finalizing state-level Blue Sky compliance filings. The Securities and Exchange Commission previously qualified the company's offering circular in August.

The planned offering will issue preferred shares paying an 8% annual preferred dividend. Real estate investment firm UC Asset intends to deploy most of the raised funds toward expanding its portfolio of cannabis properties. The partnership with Rialto Markets provides the compliance framework needed to process investments online for retail and accredited investors.

Investors should watch for the completion of state regulatory approvals. UC Asset has filed notices across nearly all 50 states and Puerto Rico. While skipping Arkansas due to complex requirements, the company continues work on its Georgia filing and expects approvals to take effect within weeks to launch the share sale.

Key points

  • UC Asset LP (UCASU) retained Rialto Markets LLC as broker-dealer for a $5 million secondary public offering.
  • The secondary offering features preferred shares with an 8% annual preferred dividend.
  • Most of the proceeds will be used to purchase additional cannabis real estate properties.
  • State filings are nearly complete across almost all 50 states and Puerto Rico, with approvals expected in weeks.

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Questions and answers

How much capital is UC Asset raising in its secondary offering?

UC Asset plans to raise up to $5 million through a secondary public offering of preferred shares.

How will UC Asset use the proceeds from the offering?

The company expects to deploy most of the capital raised to acquire additional cannabis properties.

What dividend yield do the new preferred shares carry?

The preferred shares offered by UC Asset carry an 8% annual preferred dividend.