LuxUrban Hotels Announces Closing of Public Offering of Securities

MIAMI, July 16, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (“LuxUrban” or the “Company”) (Nasdaq: LUXH), which secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) under which it manages the hotel and rents out, on a short-term basis, rooms to business and vacation travelers, today announced the closing of its underwritten public offering of 30,000,000 shares of common stock at a public offering price of $0.17 per share. The gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses payable by the Company, are approximately $5,100,000. In addition, the Company has granted the underwriters a 45-day option to purchase up to 4,500,000 additional shares of common stock at the public offering price, less the underwriting discounts.

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