LuxUrban Hotels Closes First Tranche of Private Placement of Senior Secured Convertible Notes Due 2027 and Common Stock Purchase Warrants
MIAMI, Aug. 13, 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 that it has closed the first tranche of a private offering (the “Notes Offering”) to sell up to $10 million aggregate principal amount of new senior secured convertible notes due 2027 (the “Notes”) and common stock purchase warrants (“Note Warrants”) in one or more closings through August 30, 2024.