Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 65

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 65
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 23,350,000 shares are designated as Series A Preferred Stock pursuant to articles supplementary
filed with the State of Maryland. Under Maryland law, our stockholders are not generally liable for our debts or obligations. Our charter
authorizes our board of directors to amend our charter to increase or decrease the aggregate number of shares of stock or the number
of shares of stock of any class or series that we are authorized to issue with the approval of a majority of our entire board of directors
and without stockholder approval.

As of February 20, 2025, 28,331,833 shares
of our common stock were issued and outstanding and 1,002,673 shares of our Series A Preferred Stock issued and outstanding.

Common Stock

Subject to the preferential
rights, if any, of holders of any other class or series of our stock (including our Series A Preferred Stock) and to the provisions
of our charter regarding the restrictions on ownership and transfer of our stock, holders of outstanding shares of common stock are entitled
to receive dividends on such shares of common stock out of assets legally available therefor if, as and when authorized by our board
of directors and declared by us, and the holders of outstanding shares of common stock are entitled to share ratably in our assets legally
available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment of or adequate
provision for all our known debts and liabilities.

Subject to the provisions
of our charter regarding the restrictions on ownership and transfer of our stock and except as may otherwise be specified in the terms
of any class or series of stock, each outstanding share of common stock entitles the holder to one vote on all matters submitted to a
vote of stockholders, including the election of directors, and, except as provided with respect to any other class or series of shares
of our stock (including the Series A Preferred Stock), the holders of shares of common stock will possess the exclusive voting power.
A plurality of the votes cast in the election of directors is sufficient to elect a director and there is no cumulative voting in the
election of directors, which means that the holders of a majority of the outstanding shares of common stock can elect all of the directors
then standing for election, and the holders of the remaining shares will not be able to elect any directors.

Holders of shares of
common stock have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights