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The Parking REIT Completes Transformative Transaction with Bombe Asset Management

The Parking REIT, Inc. announced that an affiliated entity of Bombe Asset Management LLC, a Cincinnati, Ohio based alternative asset management firm,  has completed its $125 million investment in the Las Vegas-headquartered company. The investment, originally announced in January 2021, called for an investment of $35 million in cash plus the contribution of parking assets and other property valued at more than $90 million in exchange for operating partnership units valued at $11.75 per unit and warrants to purchase The Parking REIT common stock.

As part of the transaction, Bombe’s affiliate acquired 1,549,324 shares of common stock of The Parking REIT at $11.75 per share from Vestin Realty Mortgage I, Inc., Vestin Realty Mortgage II, Inc. and Michael V. Shustek (collectively, the “Advisor”) and the Advisor’s affiliates.

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The Advisor also surrendered its claim to 400,000 shares of common stock due to the Advisor from The Parking REIT on December 31, 2021, and contributed 175,000 shares of common stock to a settlement fund. Proceeds from the purchase of the shares from the settlement fund will be used for the benefit of the Company’s common stockholders. The settlement fund was created as part of the settlement of three class action lawsuits in which The Parking REIT was named as a defendant.

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Michael V. Shustek has stepped down as a director and officer of The Parking REIT, effective immediately. Manuel Chavez will serve as the Chairman of the Board and Chief Executive Officer of The Parking REIT and Stephanie Hogue will serve as President of The Parking REIT.

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Effective August 25, 2021, The Parking REIT’s Board of Directors elected Jeffrey OsherLorrence KellarDamon JonesDanica HolleyManuel Chavez, and Stephanie Hogue as new members of the Company’s Board of Directors. Mr. Osher is the founder and Managing Member of the hedge fund No Street Capital LLC. Mr. Kellar, formerly an executive with Kmart and Kroger, is member of the board of directors of each of Acadia Realty Trust and The Spar Group. Mr. Jones serves as the Chief Communications Officer at The Procter & Gamble Company, a position he has held since March 2020. Ms. Holley has served as Global Medical REIT’s Chief Operating Officer since March 30, 2016.  Shawn Nelson, a member of The Parking REIT Board since 2017 and the independent committee that elected to move forward with the transaction, remains a member of The Parking REIT Board.

As previously announced, a tender offer will commence promptly to purchase, subject to the offer conditions, up to 900,506 of The Parking REIT’s outstanding shares of common stock for $11.75 per share in cash. Offering materials to The Parking REIT’s stockholders describing the tender offer’s terms and conditions will be distributed accordingly.

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