Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 13

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 13
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 may, at our option, upon not fewer
than 30 and not more than 60 days’ written notice, redeem the Series A Preferred Stock, in whole or in part, at any time
or from time to time, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued but unpaid dividends
(whether or not authorized or declared) to, but not including, the date fixed for redemption, without interest, to the extent we have
funds legally available for that purpose. If we do not exercise our right to redeem the Series A Preferred Stock upon a change of
control/delisting, the holders of Series A Preferred Stock have the right to convert some or all of their shares into a number of
shares of our common stock based on a defined formula subject to a cap. The Series A Preferred Stock has no stated maturity and
is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series A Preferred Stock will generally have
no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive)
and in certain other circumstances. In addition to any other class or series of preferred stock that we may offer, issue or sell pursuant
to this prospectus and any accompanying prospectus supplement, we may issue additional shares of Series A Preferred Stock.

Power to Reclassify Our Unissued Shares of Stock

Our charter authorizes
our board of directors to classify and reclassify any unissued shares of common or preferred stock into other classes or series of stock,
including one or more classes or series of stock that have priority with respect to voting rights, dividends or upon liquidation over
our common stock, and authorize us to issue the newly-classified shares. Prior to the issuance of shares of each new class or series,
our board of directors is required by Maryland law and by our charter to set, subject to the provisions of our charter regarding the
restrictions on ownership and transfer of our stock, the preferences, conversion or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Our board of directors
may take these actions without stockholder approval unless stockholder approval is required by the terms of any other class of series
of our stock or the rules of any stock exchange or automatic quotation system on which our securities may be listed or traded. Therefore,
our board could authorize the issuance of shares