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Modiv Launches Underwritten Public Offering

Modiv Inc., a publicly registered, non-traded real estate investment trust, has launched an underwritten public offering of 40,000 shares of Class C common stock priced to the public at $25.00 per share.

Modiv Inc., a publicly registered, non-traded real estate investment trust, has launched an underwritten public offering of 40,000 shares of Class C common stock priced at $25.00 per share. The purpose of the offering is to facilitate the listing of Modiv’s Class C shares previously raised via crowdfunding.

The Class C shares began trading on the New York Stock Exchange today under the ticker symbol “MDV.”

The underwritten public offering is expected to close on February 15, 2022. Once it closes, Modiv will have approximately 7.6 million Class C shares outstanding that will be freely tradable, including roughly 64,000 Class S shares that will automatically convert into Class C shares.

In addition, the ticker symbol for shares of Modiv’s Series A preferred stock will be changed from “MDVA” to “MDV.PRA”.

Modiv announced the potential listing in November 2021 and concurrently declared an estimated net asset value per share of $27.29 as of September 30, 2021. At the time, the NAV per share represented an 18.5 percent increase from year-end 2020 and 4.8 percent growth from the second quarter of 2021.

The bookrunning manager for the offering is B. Riley Securities Inc.

Modiv purchases and manages single-tenant net-lease industrial, retail and office real estate throughout the United States. Modiv leveraged its crowdfunding platform to create a $500 million real estate fund comprising 2.3 million square feet. The company was formerly known as RW Holdings NNN REIT Inc. and Rich Uncles NNN REIT Inc.

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