Company: CLPR
Filing Date: 2025-01-23
Form Type: S-3
Source: 0001437749-25-001690
Chunk: 24

Company: Clipper Realty Inc.
Filing Date: 2025-01-23
Form: S-3
Chunk 24
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 securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |

| ● | the aggregate number of, and the price at which we will issue, the units; |

| ● | any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; |

| ● | whether the units will be issued in fully registered or global form; |

| ● | the name of the unit agent; |

| ● | a description of the terms of any unit agreement to be entered into between us and a bank or trust company, as unit agent, governing the units; |

| ● | if appropriate, a discussion of the material U.S. federal income tax consequences applicable to the units; and |

| ● | whether the units will be listed on any securities exchange. |

Additionally, in order to enable us to preserve our status as a REIT, we may take certain actions to restrict ownership and transfer of our outstanding securities, including any units. The prospectus supplement related to the offering of any units will specify any additional ownership limitation relating to the units being offered thereby.

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LEGAL OWNERSHIP OF SECURITIES</div>

We can issue securities in registered form or in the form of one or more global securities. We describe global securities in greater detail below. We refer to those persons who have securities registered in their own names on the books that we or any applicable trustee maintain for this purpose as the “holders” of those securities. These persons are the legal holders of the securities. We refer to those persons who, indirectly through others, own beneficial interests in securities that are not registered in their own names, as “indirect holders” of those securities. As we discuss below, indirect holders are not legal holders, and investors in securities issued in book-entry form or in street name will be indirect holders.

Book-Entry Holders

We may issue securities in book-entry form only, as we will specify in the accompanying prospectus supplement. This means securities may be represented by one or more global securities registered in the name of a financial institution that holds them as depositary on behalf of other financial institutions that participate in the depositary’s book-entry system. These participating institutions, which are referred to as participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.

Only the person in whose name a security is registered is recognized as the holder of that security. Securities issued in global form will be registered