Shares of Stewards are trading lower on the Nasdaq Monday, after the company provided new information on a pair of proposed acquisitions in South Florida.

Shares are down 9% to $2.69. Volume at the time topped 966,000 shares, above the 65-day average volume of 464,266 shares.

In its latest Form 10-Q, the diversified financial platform said it signed non-binding letters of intent to purchase PIXL at Plantation and Envy Pompano Beach, two multifamily properties in Florida.

In connection with the agreement, Stewards received five promissory notes with a value of $1.7 million. The company added certain note balances may be applied against an applicable purchase price if a transaction were to close.

Stewards said under the terms of the proposed deal, it would issue restricted shares of common stock at a price of $3 per share to acquire the existing owners' equity interests in the two properties.

The company added "the $240 million figure represents the aggregate implied value of PIXL and Envy, inclusive of property-level debt, and does not represent the amount of stock consideration to be issued in the proposed acquisitions."

The company's shares began trading on the Nasdaq Capital Market as the result of an uplisting from the OTCID Market on Sept. 10., and closed that day's trading at $2.23.