Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 69

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 69
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 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 of common or preferred stock with terms and conditions that could have the effect of
delaying, deferring or preventing a change in control or other transaction that might involve a premium price for shares of our common
stock or otherwise be in the best interest of our stockholders.

Power to Increase or Decrease Authorized Shares of Stock and Issue Additional Shares of Common and Preferred Stock

We believe that the
power of our board of directors to amend our charter to increase or decrease the number of authorized shares of our stock, to authorize
us to issue additional authorized but unissued shares of common or preferred stock and to classify or reclassify unissued shares of common
or preferred stock and thereafter to authorize us to issue such classified or reclassified shares of stock will provide us with increased
flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise. Subject to the rights
holders of the Series A Preferred Stock will have to approve the classification or issuance of shares of a class or series of our
stock ranking senior to the Series A Preferred Stock, the additional classes or series, as well as the additional shares of common
stock, will be available for issuance without further action by our stockholders, unless such approval is required by the terms of any
other class or series of our stock or the rules of any stock exchange or automated quotation system on which our securities may
be listed or traded. Although our board of directors does not intend to do so, it could authorize us to issue a class or series