written by reader Unable to exercise PW rights

By netpsych, January 8, 2021

Fidelity refuses to allow me to exercise my PW rights. I wrote to TD Ameritrade and they seem to have the same policy. How do I exercise these rights? Can I do this directly with the company? Any ideas? See below:

———————
This offering will no longer be open due to the exercise of this Company’s
subscription rights being considered a prohibited action by National Financial
Services LLC (NFS).
.
Completion of the exercise would be facilitating a direct investment of funds
into a cannabis company which is prohibited by NFS’s policy on Marijuana
related businesses, which is based upon Federal guidelines.
.
As a result this offering this will not be open to accounts that hold these
subscription rights.
.
For further information, Power REIT may be reached at ir@pwreit.com
.
01/06/2021 10:22 AM ET
CUTOFF DATE: 01/21/2021 7:00 PM ET
EXPIRATION DATE: 01/22/2021 1:00 PM ET
WITHDRAWAL DATE: 01/21/2021

Power REIT has announced a non-transferable rights offering for the holders of
their common stock, CUSIP 73933H101.

You received 1 right for every 1 share you held as of the record date,
12/28/2020. 1 right will entitle you to purchase 1 additional share, CUSIP
73933H101, at a subscription price of $26.50 per share.

If you exercise all of your allocated rights, you have the opportunity to
oversubscribe for additional shares, subject to availability and proration.

All rights exercised are irrevocable.

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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timcoahran
Irregular
January 17, 2021 5:22 pm

The PW subscription material says very specifically that applicants have to send the applications and payments directly to PW (in Old Bethpage, NY). Note the Jan 22 closing is coming right up.

From the materials: “(if you have) …questions or comments regarding the Rights Offering you may contact us at (212) 750-0371 or via email: ir@pwreit.com.”

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