04:00 AM EDT, 09/24/2024 (MT Newswires) -- InvenTrust Properties ( IVT ) said late Monday it priced an unregistered public offering of 8 million common shares at $28 per share for estimated gross proceeds of $224 million.

Underwriters have been granted a 30-day option to purchase up to an additional 1.2 million common shares.

The offering, which was upsized from 6.5 million shares previously, is expected to close Wednesday.

Net proceeds from the offering will be used for general corporate purposes, including funding the acquisition of additional properties, repayment of short-term and long-term debt, as well as for working capital.

Shares of the company fell 3% in recent premarket activity Tuesday.

Price: 28.62, Change: -0.87, Percent Change: -2.95