04:17 AM EDT, 07/12/2024 (MT Newswires) -- LuxUrban Hotels ( LUXH ) said late Thursday it has priced a public offering of 30 million common shares at $0.17 per share.

The company granted underwriters an option to purchase up to 4.5 million additional shares to cover over-allotments.

The offering is expected to close July 15, with expected gross proceeds of $5.1 million, or about $5.9 million if the over-allotment options are fully exercised.

The company said it intends to use proceeds for general corporate purposes.

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