MIAMI, FL, Aug. 11, 2022 (GLOBE NEWSWIRE) — CorpHousing Group Inc. (“CorpHousing” or the “Company”) (Nasdaq: CHG), a company engaged in the short-term rental of hotel units to guests across major metropolitan cities in the United States, today announced the pricing of its initial public offering of 3,375,000 shares of its common stock at a public offering price of $4.00 per share, for gross proceeds of approximately $13.5 million, before deducting underwriting discounts and offering expenses. In addition, CorpHousing has granted the underwriters a 45-day option to purchase up to an additional 506,250 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.
The shares of common stock are expected to begin trading on The Nasdaq Capital Market on August 12, 2022, under the symbol “CHG”. The offering is expected to close on August 16, 2022, subject to satisfaction of customary closing conditions.
Maxim Group LLC is acting as the lead book-running manager in connection with the offering and Joseph Gunnar & Co. is acting as joint book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-262114) was filed with the Securities and Exchange Commission (“SEC”), which became effective on August 11, 2022. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745. Before investing in this offering, interested parties should read in its entirety the registration statement that the Company has filed with the SEC, which provides additional information about the Company and this offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
CorpHousing Group Inc.
CorpHousing Group Inc. is engaged in the short-term rental of hotel units to guests across major metropolitan cities in the United States. The Company utitlizes its technology and expertise to cost-effectively identify, acquire, manage and market these units to business and vacation travelers, while providing guests Heroic ServiceTM under their consumer brand LuxUrban. CorpHousing is building a growing portfolio of leased properties they offer to guests for short-term stays at rental and occupancy rates that exceed total cost and expenses for such properties.
Forward Looking Statements
This press release contains forward-looking statements, including with respect to the expected closing of the Company’s proposed initial public offering and use of proceeds. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions and that the conditions to the closing of the initial public offering may not be satisfied, and the risks set forth under the caption “Risk Factors” in the prospectus forming part of the effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, product development and sales and growth plans. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
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