<SEC-DOCUMENT>0001140361-21-031262.txt : 20210914
<SEC-HEADER>0001140361-21-031262.hdr.sgml : 20210914
<ACCEPTANCE-DATETIME>20210914172107
ACCESSION NUMBER:		0001140361-21-031262
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210914
DATE AS OF CHANGE:		20210914

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MODIV INC.
		CENTRAL INDEX KEY:			0001645873
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474156046
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-259066
		FILM NUMBER:		211253224

	BUSINESS ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		855-742-4862

	MAIL ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RW HOLDINGS NNN REIT, INC.
		DATE OF NAME CHANGE:	20170814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles NNN REIT, Inc.
		DATE OF NAME CHANGE:	20151209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles REIT, Inc.
		DATE OF NAME CHANGE:	20150623

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MODIV INC.
		CENTRAL INDEX KEY:			0001645873
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474156046
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		855-742-4862

	MAIL ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RW HOLDINGS NNN REIT, INC.
		DATE OF NAME CHANGE:	20170814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles NNN REIT, Inc.
		DATE OF NAME CHANGE:	20151209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles REIT, Inc.
		DATE OF NAME CHANGE:	20150623
</SEC-HEADER>
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      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ISSUER FREE WRITING PROSPECTUS</div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Dated September 14, 2021</div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Filed Pursuant to Rule 433</div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Registration Nos. 333-259066 and 333-259521</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Final Term Sheet</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">MODIV INC.</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">7.375% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">($25.00 LIQUIDATION PREFERENCE PER SHARE)</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Final Term Sheet</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">September 14, 2021</div>
      <div>&#160;</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5816389c7712487e8c4dba674d02fe4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Issuer:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Modiv Inc. (the &#8220;Issuer&#8221;)</div>
            </td>
          </tr>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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              <div style="font-family: 'Times New Roman',Times,serif;">Security:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the &#8220;Series A Preferred Stock&#8221;)</div>
            </td>
          </tr>
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            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Number of Shares:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">1,800,000 shares (2,000,000 shares if the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is exercised in full)</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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              <div style="font-family: 'Times New Roman',Times,serif;">Trade Date:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">September 15, 2021</div>
            </td>
          </tr>
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            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Settlement Date:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">September 17, 2021 (T+2)</div>
            </td>
          </tr>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Public Offering Price:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">$25.00 per share; $45,000,000 total (assuming the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is not exercised).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Underwriting Discount:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">$0.7875 per share; $1,417,500 total (assuming the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is not exercised).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Net Proceeds (before expenses and structuring fee):</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">$24.2125 per share; $43,582,500 total (assuming the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is not exercised).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Dividend Rate:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">7.375% per annum on the $25.00 liquidation preference (equivalent to $1.84375 per annum per share).</div>
            </td>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8c0e4471345e4a8a986d8170443bbc01" cellpadding="0" cellspacing="0">

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              <div style="font-family: 'Times New Roman',Times,serif;">Dividend Payment Date:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">On or about the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of January, April, July and October.&#160; The first quarterly dividend for the
                shares of Series A Preferred Stock sold in this offering will be paid on January 15, 2022 and will be for the period from, and including, the original issue date to, and including, December 31, 2021 in the amount of $0.53264 per share.</div>
            </td>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Liquidation Preference:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">$25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the date of payment.</div>
            </td>
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            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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              <div style="font-family: 'Times New Roman',Times,serif;">Rating:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">The Series A Preferred Stock has received a &#8220;BBB-&#8221; rating from Egan-Jones Ratings Co., an independent, unaffiliated rating agency. Ratings are not a recommendation to purchase, hold or
                sell securities, inasmuch as the ratings do not comment as to market price or suitability for a particular investor. The ratings are based upon current information furnished to the rating agency by the Issuer and information obtained by the
                rating agency from other sources. The ratings are only accurate as of the date thereof and may be changed, superseded or withdrawn as a result of changes in, or unavailability of, such information, and therefore a prospective investor
                should check the current ratings before purchasing shares of Series A Preferred Stock. Each rating should be evaluated independently of any other rating.</div>
            </td>
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              <div style="font-family: 'Times New Roman',Times,serif;">Optional Redemption:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">On and after September 17, 2026, the Series A Preferred Stock will be redeemable at the Issuer&#8217;s option for cash, in whole or in part, at any time or from time to time, at a price per
                share equal to $25.00, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date (unless the redemption date is after a dividend record date and
                prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each share of Series A Preferred Stock to be redeemed.</div>
            </td>
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              <div style="font-family: 'Times New Roman',Times,serif;">Special Optional Redemption:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Upon the occurrence of a Delisting Event (as defined below), the Issuer will have the option, subject to certain conditions, to redeem the outstanding Series A Preferred Stock, in whole
                or in part, after the Delisting Event, for a redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date (unless
                the redemption date is after a dividend record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each share of
                Series A Preferred Stock to be redeemed.</div>
            </td>
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            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Upon the occurrence of a Change of Control (as defined below), the Issuer may, at its option, redeem the shares of Series A Preferred Stock, in whole or in part and within 120 days
                after the first date on which the Change of Control occurred, by paying $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date
                (unless the redemption date is after a dividend record date for and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend payable on such payment date will be included in
                the redemption price).</div>
            </td>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Delisting Event:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Occurs when, after the original issuance of the Series A Preferred Stock (whether before or after September 17, 2026), the Series A Preferred Stock ceases to be listed on the Nasdaq
                Stock Market, the New York Stock Exchange (the &#8220;NYSE&#8221;) or the NYSE American LLC, or listed or quoted on an exchange or quotation system that is a successor to the Nasdaq Stock Market, the NYSE or the NYSE American LLC.</div>
            </td>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Change of Control:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Occurs when, after the original issuance of the Series A Preferred Stock (whether before or after September 17, 2026), the following have occurred and are continuing:</div>
            </td>
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            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#9679;</font>&#160;&#160; </div>
              <div style="margin: -12pt 0px 0px 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman',Times,serif;">the acquisition by any person, including any syndicate or group deemed to be a &#8220;person&#8221; under Section
                  13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger, conversion or other acquisition transaction or series of purchases, mergers, conversions or other acquisition transactions, of
                  shares of the Issuer&#8217;s stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of the Issuer&#8217;s stock entitled to vote generally in the election of directors (except that the person will be
                  deemed to have beneficial ownership of all securities that the person has the right to acquire, whether the right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and</font></div>
            </td>
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            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="margin: 0px 0px 0px 0px;"><font style="font-family: 'Times New Roman',Times,serif;">&#9679;</font><font style="font-family: 'Times New Roman',Times,serif;"></font></div>
              <div style="margin: -12pt 0px 0px 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman',Times,serif;">following the closing of any transaction referred to in the bullet point above, neither the Issuer nor
                  the acquiring or surviving entity, or a parent of the Issuer or the acquiring or surviving entity, has a class of common equity securities listed on the Nasdaq Stock Market, the NYSE or the NYSE American LLC, or listed or quoted on an
                  exchange or quotation system that is a successor to the Nasdaq Stock Market, the NYSE, or the NYSE American LLC.</font></div>
            </td>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Change of Control Conversion Right:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Issuer has elected to exercise its redemption right, holders of the Series A Preferred Stock
                will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of shares of the Issuer&#8217;s Class C common stock, par value $0.001 per share, per share of Series A Preferred Stock, which is equal
                to the lesser of:</div>
            </td>
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            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#9679;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              <div style="margin: -12pt 0px 0px 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman',Times,serif;">the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series A
                  Preferred Stock to be converted plus an amount equal to all dividends accrued and unpaid (whether or not declared) on the Series A Preferred Stock to, but not including, the Conversion Date (unless the Conversion Date is after a dividend
                  record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in this sum), by (ii) the Common Stock Price; and</font></div>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#9679;</font></div>
              <div style="margin: -12pt 0px 0px 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman',Times,serif;"></font><font style="font-family: 'Times New Roman',Times,serif;">1.9194, the Share Cap (subject to pro
                  rata adjustments for any stock splits (including those effected pursuant to a common stock dividend), subdivisions or combinations with respect to shares of the Issuer&#8217;s common stock as described in the Issuer&#8217;s preliminary prospectus);</font></div>
            </td>
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            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; text-align: justify;">The &#8220;Common Stock Price&#8221; for any Change of Control will be (i) if the consideration to be received in the Change of Control during a continuing Delisting Event by
                holders of shares of the Issuer&#8217;s common stock is solely cash, the amount of cash consideration per share of common stock, and (ii) if the consideration to be received in the Change of Control during a continuing Delisting Event by holders
                of shares of the Issuer&#8217;s common stock is other than solely cash, (x) the Non-traded Common Stock Price, if the common stock is not listed on a national exchange on the effective date of any Change in Control or (y) the Traded Common Stock
                Price, if the common stock is listed on a national securities exchange on the effective date of any Change in Control.</div>
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          <tr>
            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">The &#8220;Non-Traded Common Stock Price&#8221; shall be the estimated net asset value per share of Common Stock as most recently determined by the Board of Directors prior to the effective date of
                the Change of Control. The &#8220;Traded Common Stock Price&#8221; is the average of the closing price per share of the Issuer&#8217;s common stock on the 10 consecutive trading days immediately preceding, but not including, the effective date of the Change
                of Control.</div>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">If the Issuer elects, prior to the conversion date, to redeem shares of Series A Preferred Stock that would otherwise be converted on the conversion date, such shares of Series A
                Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption price for such shares.</div>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">NYSE Listing Symbol:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">&#8220;MDVA&#8221;</div>
            </td>
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          <tr>
            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">CUSIP:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">60784B 200</div>
            </td>
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          <tr>
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            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
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            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">ISIN:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">US60784B2007</div>
            </td>
          </tr>
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            <td rowspan="1" style="width: 31.76%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 68.24%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Book-Running Managers:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">B. Riley Securities, Inc.<br>
                Ladenburg Thalmann &amp; Co. Inc.<br>
                William Blair &amp; Company, L.L.C.</div>
            </td>
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          <tr>
            <td style="width: 31.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Lead Manager:</div>
              <div style="font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
              <div style="font-family: 'Times New Roman',Times,serif;">Co-Managers:</div>
            </td>
            <td style="width: 68.24%; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Colliers Securities LLC</div>
              <div style="font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
              <div style="font-family: 'Times New Roman',Times,serif;">Aegis Capital Corp.<br>
                Boenning &amp; Scattergood, Inc.<br>
                Huntington Securities, Inc.<br>
                InspereX LLC<br>
                Maxim Group LLC<br>
                Wedbush Securities Inc.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Issuer has filed a registration statement (including a preliminary prospectus) with the SEC for the offering to which this communication relates.&#160; Before you invest, you
        should read the prospectus in that registration statement and the other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the
        SEC&#8217;s web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting: B. Riley Securities, Inc. at 703-312-9580 or by emailing
        prospectuses@brileyfin.com.</div>
      <div><br>
      </div>
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