Condor Hospitality Trust Inc fka CDOR

[Enterprising Investor]

Form 8-K (6/10/14)

Item 8.01 Other Events.

On June 10, 2014, Supertel Hospitality, Inc. (“Supertel”) issued a press release regarding the results of its previously-announced rights offering. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated by reference into this Item 8.01.

The conversion price of the Series C convertible stock of Supertel, pursuant to its terms, was adjusted in connection with the rights offering to $1.60, the exercise price of the subscription rights. Each of the 3,000,000 shares of the issued and outstanding Series C convertible preferred stock is convertible, in whole or in part, at the option of Real Estate Strategies L.P., or RES, the holder, at any time, but subject to RES’s beneficial ownership limitation of 34% of the total number of votes represented by voting stock of Supertel, into the number of shares of common stock equal to the $10.00 per share liquidation preference divided by the conversion price. Pursuant to the terms of warrants held by RES to purchase up to 3,750,000 shares of common stock, the exercise price of the warrants for a share of common stock, was adjusted to $1.92, equal to 120% of the adjusted conversion price of the Series C convertible preferred stock.

http://www.sec.gov/Archives/edgar/data/929545/000090044014000063/sppr8k_june10.htm