Summit Hotel Properties (INN) disclosed on August 7 that it set up an at-the-market (ATM) equity offering program. Through an equity distribution agreement with a group of managers and forward purchasers, the company can sell up to $200 million of its common stock (par value $0.01 per share) over time, either through sales agents or forward sellers. Commissions are capped at 2.0% of gross sales proceeds. This 8-K is about establishing the facility — it does not state that any shares have actually been sold yet. If forward confirmations are used, the company won't receive proceeds from borrowed shares sold by the forward purchasers, and it currently expects to physically settle those transactions.
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