Preferred Apartment Communities Announces Effectiveness of Unit Offering Registration Statement
Preferred Apartment Communities, Inc., or PAC (NYSE: APTS), today announced that its registration statement on Form S-11, originally filed with the Securities and Exchange Commission, or the SEC, on September 1, 2011, as amended (Registration No. 333-176604), or the Registration Statement, was declared effective by the SEC on November 18, 2011.
The Registration Statement allows PAC to offer a minimum of 2,000 and a maximum of 150,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock and one warrant to purchase 20 shares of PAC's common stock. PAC's common stock is currently traded on the NYSE AMEX under the symbol APTS. The price per Unit is $1,000. The Series A Redeemable Preferred Stock will rank senior to PAC's common stock with respect to payment of dividends and distribution of amounts upon liquidation, dissolution and winding up. The Units are being offered by International Assets Advisory, LLC, the dealer manager of the offering, on a "reasonable best efforts" basis.
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