LuxUrban Hotels Announces Significant Management and Board Participation in Closing of Public Offering
MIAMI, July 18, 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 significant insider participation in its recently closed public offering. Referencing the July 16, 2024 news release whereby the Company announced the closing of a public offering, for gross proceeds of approximately $5.1 million dollars, and today’s earlier announcement of the exercise of the underwriter’s over allotment, for gross proceeds of approximately $765,000 dollars, Robert Arigo CEO, Michael James CFO, five board members, and Brian Ferdinand the original founder participated in the offering and invested approximately $1,500,000 or 25% of the total money raised.