Deal sells 120,000 shares at $2.50 apiece; Rare Earth invests $150,000
By Devika Patel
Knoxville, Tenn., Feb. 2 – InnSuites Hospitality Trust completed a $300,000 private placement of stock on Jan. 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 120,000 shares at $2.50 per share. The price per share is a 1.96% discount to the Jan. 27 closing share price of $2.55.
Rare Earth Financial, LLC bought 60,000 shares for $150,000.
The real estate investment trust is based in Phoenix.
| Issuer: | InnSuites Hospitality Trust
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| Issue: | Stock
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| Amount: | $300,000
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| Shares: | 120,000
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| Price: | $2.50
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| Warrants: | No
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| Investor: | Rare Earth Financial, LLC (for $150,000)
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| Pricing date: | Jan. 28
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| Stock symbol: | NYSE: IHT
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| Stock price: | $2.55 at close Jan. 27
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| Market capitalization: | $19.96 million
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