DALLAS, Sept. 25, 2018 /PRNewswire/ -- Ashford Inc.
(NYSE American: AINC) ("Ashford"
or the "Company") announced today that it has priced its
underwritten public offering of 270,000 shares of common stock, par
value $0.01 per share (the "Common
Stock"), at a price to the public of $74.50 per share. The Company has also granted
the underwriters of the offering a 30-day option to purchase an
additional 40,500 shares of Common Stock as part of this offering.
Settlement of the offering is expected to occur on or about
September 28, 2018. The closing
of the offering is subject to market and other customary
conditions.
The Company intends to use the net proceeds from the offering
for working capital and general corporate purposes, including to
fund future acquisitions, investments and its obligations under the
Enhanced Return Funding Program Agreement with Ashford Hospitality
Trust, Inc.
UBS Investment Bank, RBC Capital Markets and Janney Montgomery Scott are acting as the joint
book-running managers for the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful. This
offering may only be made by means of a prospectus supplement and
accompanying prospectus.
Copies of the prospectus supplement and accompanying prospectus
for the offering may be obtained on the website of the Securities
and Exchange Commission at www.sec.gov, or by contacting: UBS
Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus
Department (telephone: 1-888-827-7275); RBC Capital Markets, LLC,
200 Vesey Street, 8th Floor, New York,
NY 10281, Attention: Equity Syndicate (telephone:
1-877-822-4089; email: equityprospectus@rbccm.com); or Janney
Montgomery Scott LLC, 60 State Street, Boston, MA 02109, Attention: Equity Capital
Markets Group (email: prospectus@janney.com). The Common Stock will
be issued and sold pursuant to an effective shelf registration
statement on Form S-3 previously filed with the Securities and
Exchange Commission and the aforementioned prospectus supplement
and accompanying prospectus.
Ashford provides global asset
management, investment management and related services to the real
estate and hospitality sectors.
Forward Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the use of proceeds from the offering. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
our control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: changes in the business or operating prospects of our
recently acquired businesses; adverse litigation or regulatory
developments; our success in implementing our business development
plans; general volatility of the capital markets and the market
price of our common stock; changes in our business or investment
strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford's filings with the Securities and
Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise, except as required by law.
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SOURCE Ashford Inc.