WhereDaily News: Supertel Hospitality Announces Additional Information on Distribution of Subscription Rights
NORFOLK, NE--(Marketwired - May 15, 2014) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced additional information on its previously announced rights offering. The company previously set the close of business on April 24, 2014 as the record date (the "Record Date") for the distribution of subscription rights for common stock of Supertel. Each subscription right will entitle its holder to purchase one share of common stock of Supertel for $1.60 per share. Supertel is issuing at no charge to the holders of its common stock and 6.25% Series C Cumulative Convertible Preferred Stock, or the Series C Preferred Stock, transferable subscription rights to purchase shares of common stock of Supertel. Each holder of common stock will receive one subscription right for each full share of common stock owned by that holder as of the close of business on the Record Date. The holder of the Series C Preferred Stock will receive 3,750,000 subscription rights, equal to the number of shares of common stock into which the Series C Preferred Stock may be converted as of the Record Date.
