LuxUrban Hotels announces full exercise of over allotment option

LuxUrban Hotels announced that the underwriter of its underwritten public offering has exercised its over-allotment option in full to purchase an additional 4,500,000 shares of the Company’s common stock at the public offering price of $0.17 per share. After giving effect to the full exercise of the over-allotment option, the Company sold 34,500,000 shares of its common stock for aggregate gross proceeds of $5,865,000, before underwriting discounts and commissions and estimated offering expenses payable by the Company. Alexander Capital, L.P. acted as sole book-running manager for the offering. The Company intends to use the proceeds from the offering for working capital and other general corporate purposes.