Innovative Industrial Properties Inc 8-K, filed Sep 10, 2021
Innovative Industrial Properties Inc (IIPR)
About this 8-K
Innovative Industrial Properties Inc filed this 8-K on September 10, 2021, reporting on events of September 9, 2021.
Items reported
- Item 8.01: Other events
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Item 8.01 Other Events.
On September 9, 2021, Alan Gold, Innovative Industrial Properties, Inc.’s (the “Company”) Executive Chairman, entered into a pre-arranged trading plan (the “Plan”) to sell a portion of his holdings in the Company’s 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), as a part of his personal long-term strategy for asset diversification.
The Plan was designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy. Using these types of plans, insiders can gradually diversify their investment portfolios and spread stock trades out over an extended period of time, while complying with insider trading laws. Under the Plan, Mr. Gold may sell up to 24,000 shares of the Company’s Series A Preferred Stock.
Sales of these shares of Series A Preferred Stock by Mr. Gold may begin as early as November 10, 2021, and will terminate no later than September 9, 2022, unless terminated sooner in accordance with the Plan’s terms. All sales of shares under the Plan are subject to certain minimum price conditions and maximum sale volume limitations. Under the terms of the Plan, Mr. Gold will have no discretion or control over the timing or effectuation of any transactions in the Company’s Series A Preferred Stock pursuant to the Plan.
Transactions under the Plan will be reported to the Securities and Exchange Commission in accordance with applicable securities laws, rules and regulations. Similar trading plans may be adopted by the Company’s officers or directors in the future. The Company does not undertake to report trading plans that may be adopted by any of its officers or directors in the future, or to report any modifications or termination of any publicly announced plan, except to the extent required by law.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
Exhibit Number |
Description of Exhibit | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 10, 2021 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | |
| By: | /s/ Catherine Hastings | |
| Name: | Catherine Hastings | |
| Title: | Chief Financial Officer and Treasurer | |