Filed Pursuant to Rule 424(b)(5)
Registration No. 333-257006
(To Prospectus dated June 24, 2021)
Up to $200,000,000 of Shares of
We have entered into a distribution agreement, or the distribution agreement, dated as of February 28, 2023, with KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Barclays Capital Inc., Berenberg Capital Markets LLC, BMO Capital Markets Corp., B. Riley Securities, Inc., Capital One Securities, Inc., Colliers Securities LLC, JMP Securities LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC, or the sales agents, relating to our shares of common stock, $0.01 par value per share, or our common stock, offered by this prospectus supplement and the accompanying prospectus pursuant to a continuous offering program. In accordance with the terms of the distribution agreement, we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $200,000,000 through the sales agents, as our agents, pursuant to this prospectus supplement and the accompanying prospectus.
Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in negotiated transactions, including block trades, or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act, including sales made by means of ordinary brokers’ transactions, including directly on the New York Stock Exchange, or NYSE, or sales made to or through a market maker other than on an exchange at prevailing market prices, at prices related to prevailing market prices or at negotiated prices or by any other method permitted by law. Accordingly, an indeterminate number of shares of our common stock may be sold up to the number of shares that will result in an aggregate offering price of $200,000,000 pursuant to the distribution agreement. The sales agents are not required to sell any specific number or dollar amount of our common stock, but as instructed by us will make all sales using commercially reasonable efforts, consistent with their normal trading and sales practices, as our sales agents and subject to the terms of the distribution agreement. From time to time during the term of the distribution agreement, we may deliver a placement notice to the sales agents specifying the length of the selling period, the amount of shares to be sold and the minimum price below which sales may not be made. The offering of our common stock pursuant to the distribution agreement will terminate upon the earliest of (1) the sale of our common stock under the distribution agreement having an aggregate offering price of $200,000,000, (2) the termination of the distribution agreement by us or by the sales agents or (3) February 28, 2026.
Our common stock to which this prospectus supplement relates will be offered and sold through the sales agents over a period of time and from time to time in transactions at then-current prices. The sales agents will be entitled to compensation that will not exceed 2% of the gross sales price per share for any of our common stock sold. In connection with the sale of our common stock on our behalf, the sales agents may be deemed to be “underwriters” within the meaning of the Securities Act, and the compensation of the sales agents may be deemed to be underwriting discounts or commissions.
Our common stock is listed on the NYSE under the symbol “PLYM.” On February 27, 2023, the last reported sales price of our common stock on the NYSE was $21.42 per share.
Under the terms of the distribution agreement, we also may sell shares of our common stock to the sales agents, as principals for their own account, at a price agreed upon at the time of sale. If we sell shares to the sales agents as principals, we will enter into a separate agreement with the sales agents, setting forth the terms of such transaction, and we will describe the agreement in a separate prospectus supplement or pricing supplement.
Investing in our common stock involves risks. Please carefully read the “Risk Factors” beginning on page S-4
of this prospectus supplement and in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and the discussion of certain factors you should consider before making your investment decision in the documents incorporated by reference in this prospectus supplement, including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports filed on Form 8-K.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
A CITIZENS COMPANY
Wells Fargo Securities
The date of this prospectus supplement is February 28, 2023